Facts about Wills
Every individual over the age of 18 should have a Will, whether rich or poor, male or female, single, married or with a Civil Partner. Here are just a few good reasons why.
Without a Will:
We think our spouse/civil partner will automatically receive all of our estate, but they won’t!
If you are single (ie. not married or you do not have a civil partner), under the laws of intestacy (dying without a Will) your partner will not receive anything from your estate
‘Over 70% of the population have not got a valid Will’
Guardianship of minor children is uncertain if the parents die without a Will that appoints guardians – Would you want your children to become a Ward of Court!
Children may inherit substantial sums of money at a time when they are not mature enough to manage such sums. A Will can control the release of money to your children
Longest Will - Mrs Frederica Cook - 95,940 words, bound in four volumes
A family can suffer acute financial hardship because of delays in the administration of an estate.
Many family heirlooms are lost because no one can decide who can have them, so they are sold.
Millions of pounds of inheritance tax are unnecessarily paid each year due to a lack of planning which can be dealt with in the Will of the deceased.
Shortest English Will - ‘All for Mother’ in which his mother was his wife, not his mother. It was contested and later admitted for probate in 1906
Charities, friends and distant relatives will not benefit without a Will.
Thousands of home owners lose the equity they own in their home if they need long term care and such equity is used to pay for such care, with pre-planning this could have been avoided
Oldest Will – found on Wall of Tomb of Kings – dated back to 2600 BC!
Family wealth will not be protected from spendthrift beneficiaries or beneficiaries with anti-social habits such as alcohol or drug abuse.
Funds left for disabled beneficiaries will often be used to pay for the care of such persons and prevent them from claiming certain state benefits – and who will manage their funds.
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