You may be told by many people that making a Will is vital and in this article we explain the problems that can be caused to those left behind without one being made.
Of course one of the major reason to write a Will is to protect the future of children through nomination of guardians, executors and also the settling up of a children’s trust. All of these can be set up in a standard last Will & testament. Without a Will the rules of intestacy apply and those unintended could benefit from the estate of the deceased. Furthermore a guardian would not be nominated and the process of arranging a home for children prolonged. This can be distressing for all concerned and easily avoided by the preparation of a valid Will.
It is also a sad fact that more and more estates are subject to disputed claims on inheritance and a properly drafted Will can go some way in avoiding such claims. A recent case involved 60 individuals making a claim on the estate of an elderly lady. There are also companies offering a no win no fee service. Within a Will you can specifically exclude a person from your Will and provide accompanying reasons for the exclusion, admissible in a court of law.
When the residual estate is distributed under the terms of a Will it avoids ambiguity and family members and friends are more likely to accept those clauses as the final wishes of the deceased.
Rose & Trust of Bristol have been providing Will writing services and probate for many years and it never ceases to amaze our staff how the prospect of receiving funds can affect the judgement of individuals. Families have been in dispute for many years after an individual has died without completing a Will and often at considerable expense the issues can carry on for many years.
Funeral wishes can also be indicated and your wishes when it comes to organ donation. Please remember that a lasting Power of Attorney for Health & Welfare is a document which allows a person to speak for another in life and not a Will.
Looking at the bigger picture, a gift left in a Will can also help individuals with financial difficulties and provide certainty for those too young to inherit. Problems can be reduced in the knowledge that funds will be made available at some stage in the future, for example when an individual comes of age. Charities are also recipients under many Wills written today and provide a vital source of income. A charity would simply not receive under the rules of intestacy and many feel a gift left to charity which has provided care and support is a thank you which extends for many years to come.