Following your death, the distribution of your assets is not a foregone conclusion and the people who you wish to benefit from your estate may not do so in the way that you wish them to if you don’t make a Will.
In the absence of a Will, individuals may benefit from your estate whom you never intended to benefit. People that you had very little to do with in life or even people that you fell out with may benefit.
Imagine you own a share of a property and you don’t wish your share to pass to the person that owns the other share? With the right advice and a correctly worded Will, your share would go exactly where you wanted it to.
What if you wanted to leave assets to someone who is in receipt of means-tested benefits so that such benefits would remain unaffected? With a correctly worded Will, this can easily by achieved.
What if you wish to leave assets to someone who is considered to be a vulnerable person? With a correctly worded Will, your wishes can easily be carried out.
Only by making a valid Will can you be assured that your wishes will be carried out and the people you wish to receive your estate will do so, in exactly the percentages you wish.
A Will can also be used to stipulate who you wish the guardian of your children to be if you were to die whilst they were still of minor age.
Any Will needs at least one executor to be appointed in order to ensure that the directions expressed within the Will are carried out. Executors can be related to you and they can also be beneficiaries. Best advice is to appoint at least two executors.
Having gone to the trouble of making a Will, it is important to keep the document safe. If you do not have a fire resistant safe at home you may wish to consider one of the Casey & Associates storage options.
If you would like to meet with one of our Consultants to discuss any of the issues raised in this article or any other Estate Planning topic please telephone 01732 868190 or click here.