I’m sure not many of us have dreamt of our love one coming home tonight presenting us with their Last Will and Testament as a Valentines gift. However you could argue that this is one of the kindest, most thoughtful, considerate and selfless things that somebody could do.
How many of us have said ‘I must make a Will’ but never got round to it. Better things to spend your time and money on, maybe?
But a Will is not about you. You are not making it for yourself. It is about looking after the people you love when you are not around to do so.
You won’t be here to see the consequences of not making a Will but it can be painful.
When you die assets including bank accounts may be frozen
Not having a Will creates delays in sorting out your affairs during which time your money/assets may be frozen and nobody can access them. This can result with those left behind having to borrow money to pay for day to day bills and expenses.
Your partner may not inherit everything and in some cases may get nothing
If you do not leave a Will the law determines who inherits your estate – see our flow chart. If you are not married or in a civil partnership your partner will get nothing. If you have not got children it could be your parents, siblings or even aunts and uncles that inherit!
A claim may need to be made against your children
If your partner has received a reduced or no inheritance they will need to go to court to make a claim on your estate. The claim will be against the other people who benefit, including your children. Imagine that. A court case pitching mother or father against their children’s inheritance!
Failing to make a Will not only causes extra cost and delays it creates a huge burden and stress for those who are left behind at a time when they least need it!
Series: 6 Ways to Avoid a Probate Nightmare, Article: 2 (click here to read Article: 1)