1. Taking care of the right people – There are intestacy laws which apply when you die without a will. Some people think that this means that their family will automatically inherit everything they own. But this isn’t always the case.
2. You love your partner but… – Most of us want to provide for our partner when we die, but we have other relationships that are just as special. You might have a close sister or a friend who you would like to bequeath your jewellery to. Now without a Will these might automatically pass to your partner or next of kin and be disposed of. You can ensure that these special items go to where they will be loved by making the right provisions.
3. You have an existing Will – If you have made a will in the past, then it is time to review it. If it doesn’t provide for your current partner then they may not inherit your estate as the terms of the old will remain valid until withdrawn or superseded.
4. Declaring it all – Many bank accounts and assets go unclaimed because beneficiaries are not aware that they exist. Not everyone makes a full disclosure of their financial holdings and assets to their family, and beneficiaries cannot claim these assets if they don’t know that they are there.
5. Less disputes – You probably wouldn’t have thought dying without a will would cause so much stress and hardship for loved ones, but it often does. There are many cases where failing to provide specifically for children or other dependents causes them hardship when you die. In particular, if there is a legal challenge because someone thinks they should have inherited something (and they didn’t), the estate can get tied up in litigation for years. Getting the right advice and provisions will mean that this can be avoided.
Ola Kupoluyi is a solicitor and partner at Ola Leslie Solicitors, a UK based law firm which offers a fixed fee service to get your Will drafted professionally at a reasonable fixed fee. You can find out more by contacting Ola at wills@olaleslie.com or by calling her on her direct line; 0207 183 1158.
Ola Leslie Solicitors 2011
The contents of this article are intended for general information purposes only and shall not be deemed to be, or constitute legal advice. We cannot accept responsibility for any loss as a result of acts or omissions taken in respect of this article.
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