Estate planning and making a Will are often considered tasks for later in life, perhaps closer to retirement.
However, it is crucial to understand that it’s never too early to start this process.
(Read Time: Approx. 4 minutes)
Topics Discussed:
- The impact of modern family dynamics on estate planning.
- Legal and financial implications of not having a Will.
The Importance of Making a Will Early
There is a common misconception that making a Will is only necessary as one approaches old age or retirement.
This couldn’t be further from the truth.
Estate planning is a vital step for everyone, regardless of age, to ensure that their assets are distributed according to their wishes.
Modern Families and the Need for Wills
In recent decades, the rise in unmarried cohabiting couples and blended families has complicated estate planning.
Despite this, a staggering 40% of adults in England and Wales do not have a Will.
Without a Will, assets are distributed according to the Intestacy Rules, which were established in 1925 and do not reflect today’s diverse family structures.
This could mean that your partner, whom you live with but are not married to, might not inherit anything from your estate.
Instead, your assets could go to distant relatives or even the Crown, potentially leaving your partner with nothing.
The Risks of Dying Without a Will
If you die without a Will, several risks arise:
- Cohabiting Partners: Your partner may not have any legal right to your assets or the ability to administer your estate.
- Distant Relatives or the Crown: Your assets might end up with distant relatives or revert to the Crown if no close family members are identified.
- Court Claims: Family members might need to make costly and time-consuming court claims for reasonable financial provision, causing stress and financial strain.
Once a Will is made, it’s essential to review and update it regularly, especially after significant life events like marriage, divorce, or the birth of a child.
Generally, unless there is a clause stating otherwise, marriage invalidates any previous Will.
Similarly, if you divorce, any gifts to your ex-spouse will fail.
Special consideration should be made if you have separated from your spouse but are not yet legally divorced.
Promises and Legal Challenges
One common issue in contested estates is the scenario where individuals claim that the deceased promised them certain assets.
For example, a farmer might have promised their farm to a friend or relative in return for help with the farming business.
If this promise is not reflected in the Will, the promise might not be honoured.
Claims for proprietary estoppel, which seek to enforce these promises, require substantial evidence and are often complex and contentious.
Taking Action
Don’t delay in making your Will.
Speaking with a solicitor, such as Help Me Legal, ensures your wishes are properly documented and reduces the likelihood of disputes after your death.
This is particularly important if you have a large estate, overseas assets, or complex wishes.
Seeking advice is essential to ensure your Will is less prone to challenge and that your wishes are clearly stated.
Summary
Estate planning and making a Will are critical steps that should not be postponed.
Whether you have a modest estate or significant assets, having a clear and legally sound Will ensures that your loved ones are taken care of according to your wishes.
By addressing these matters early, you can avoid the pitfalls of intestacy and ensure that your legacy is preserved.
Take control of your future today. Consult with Saara at Help Me Legal Solicitors to draft your Will and secure your peace of mind.
Call us at 01772 282768, fill in our contact form here, or reach out via WhatsApp at +447816848188.