A will is one of the many things in life that we all know we should have but don’t always properly consider. Furthermore, even when an individual does have a will, it can be poorly written or calculated, leaving it open to contestation. When a will isn’t present or is poorly put together, months if not years of in-court arbitration can ensue, which adds further stress and difficulty to an already trying time for friends and family members.
We are professional will writers and in this blog would like to talk you through the importance of having a will and how we can help.
What Happens to Your Estate if You don’t have a Will?
If an individual dies without a will then they have died ‘intestate’, a legal term meaning without a will. This means that the beneficiaries of your estate are chosen by the law and not your wishes. If you have a partner but are not married or if they are not financially dependent on you, they may not receive anything. Furthermore, if you are separated but not divorced then your ex-spouse will be entitled to some, if not all of your estate. Legally, your grandchildren may not receive anything (depending where you live in the UK) and your children may receive very little.
The real issue arising here is that individuals or groups who you do not wish to benefit from your estate very well may do, whilst other parties who you would rather pass your estate onto may receive nothing. This is as the law looks arbitrarily at your heirs and family members, not at the relationship you had with them or their financial situation. Additionally, the amounts and specifics in this case can also be contrary to your wishes. You may wish more of your estate to go to one beneficiary than another; depending on who you believe is most deserving and who you wish to benefit from the wealth you have amassed.
If a will hasn’t been written, your estate may be liable to a higher rate of inheritance tax, leaving your beneficiaries with less. If you die without an heir or spouse, your estate will pass in its entirety to the Crown. It is not in the Governments interest to ensure that your beneficiaries are all deserving individuals who you had a positive relationship with, instead the process is formulaic and arbitrary.
Timescale if a Will isn’t Written or is Poorly Composed
If a will isn’t written, or indeed if a will is poorly written, the process of the beneficiaries receiving their share of the estate can be heavily delayed. As well as a Grant of Probate (which takes 4-6 weeks), Letters of Administration are also required when someone dies without a will, which takes a further 3-5 weeks and can take longer if there are complications. Alternatively, if a will is poorly or unclearly composed, beneficiaries may contest it which will add another 6 months minimum to the proceedings.
There really is an endless list of ways in which a poor will or lack of will can be drawn out, which is why consulting a will writer is always a good idea. If you’re interested in assuring that your wishes are carried out after you pass away, then a watertight will is certainly the way to go. Our will writing services include supplementary documents (Statement of Exaction, Mental Health Declaration and Will Clarity Statement) which make contestation difficult and ensure that those you wish benefit from what you leave behind do.
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