Why make a Will?
It is simply not safe to assume that by having no Will your assets will still go to the people that you wish to inherit.
Without a Will your estate would be subject to the laws of intestacy, a strict set of rules provided by the government.
Instead of this we recommend that you instruct a bespoke Will with the benefit of professional advice.
This way you can ensure that the correct people benefit and to the maximum amount possible, avoiding disputes, delays, unnecessary taxes and other avoidable losses.
You don’t make a Will for your own benefit it’s really for the benefit of loved ones to make life easier for them at a difficult time.
Potential issues for those without a Will include:
- Unmarried partners do not inherit anything from an intestacy
- Without a Will spouses do not automatically inherit all of each other’s estate
- Do you have young children? Appoint Guardians / Trustees of your choice
- Do you have an inheritance tax liability?
- Care fees – are you concerned that your house may be used to pay for these?
- If you die and your partner or spouse gets involved in a new relationship then even your children together and certainly any children from earlier relationships, can easily be accidentally disinherited.
Do you have Enduring / Lasting Powers of Attorney?
If not you could have issues with the following:
- Nobody is authorised to act in your financial affairs if you lose capacity
- Nobody is authorised to act with regard to your medical treatment / residential care etc
- Joint bank accounts can be frozen • Investments can’t be changed / or cashed in
- Your cash can’t be accessed to pay for things that you need or for your house to be repaired etc
- If you own as tenants in common selling jointly owned property will be very difficult
- Nobody can get an LPA once they have lost capacity
- Someone can apply to the Court of Protection to be appointed a deputy to act in your affairs – but this is something to be avoided at all costs
Worse a local authority could apply to the court asking them to appoint a professional deputy – this is extremely expensive
Understand your options
There are a range of options available to you to ensure nothing is left to chance.
Talk to your local Solon representative to understand the choices available and take simple steps to protect the future of your loved ones.