Many misconceptions lead people to think they do not need a Will. Here are some of the considerations as to why everyone should make a Will.
Take Control
Making a Will allows you to take control of what happens to your estate after you pass away. You can govern who is in charge of administering your estate and who inherits your property and most other assets. You may assume those who you want to inherit will get it automatically but this is not always the case. This can even include your spouse/civil partner or long term partner! Making a Will can give you piece of mind that your wishes are carried out after your death.
Prevent Delays
Anyone who has ever dealt with the Probate Registry will know they have faced enormous delays in recent years. When someone dies without leaving a Will, applications for Letters of Administration are taking 10-16 weeks on average. Where someone has died leaving a Will, applications for Probate are being returned in 2-3 weeks. By making a Will you can ensure your loved ones face less delays and stress in administering your estate.
Save Future Cost
You may be put off by the cost of making a Will. As we have already established, not making a Will can cause further delays. Such delays may also result in further fees in the administration of the estate. Taking the upfront cost now of making a Will may save your estate money in the long run.
Make Provisions for your Minor Children
You can appoint people to be guardians for your minor children via your Will, in the event of a catastrophe. This is a simple and inexpensive way to appoint people you trust to look after your children.
Funeral Wishes
A Will is a document that people only tend to look at once someone has passed away. Sometimes the topic of a person’s funeral never comes up so those who survive a person, do not know what that person would have wanted. You can include your funeral wishes in your Will which can be vague or very specific.
Professional Advice
When making a Will, you can seek the advice of experienced professionals who may be able to make suggestions regarding arrangements for your estate that you did not know were possible. You may also seek advice on Inheritance Tax to put your mind at rest or plan for the future.
If you are considering making a Will please feel free to contact us at enquiries@mowll.co.uk or give us a call on 01304873344 where our Private Client team will be able to help you. We have offices in both Dover and Folkestone where you can speak or meet with a member of the team about your circumstances and what might be best for you.