For obvious reasons, making a will is one of those things in life that most people avoid thinking about. However, passing away without having made a valid will means you will have died ‘intestate’. The result of dying intestate is that an administrator will pay any of your outstanding debts from your estate (all your possessions and assets), and then distribute whatever is left among your living relatives, according to a set formula - a process which is invariably complicated and expensive.
It is easy to assume that when you pass away, everything will go to your immediate family. However, this is not always the case. Making a will ensures that your estate is distributed exactly as you wish. In simple terms, this means that you avoid the risk of your possessions and assets being distributed to those who you would not wish to gift them to.
Making a will also allows you to appoint a person or persons known as ‘executors’ who will ensure that your estate is distributed in line with your wishes.
Another key benefit of making a will is that you do not impose any unnecessary stress or financial burden on your loved ones after your passing. Also, a carefully drafted will can help to ensure that inheritances to be received by the beneficiaries of your will are as tax efficient as possible.
For parents of younger children, having a will also ensures that in the case of your death that the children’s guardianship will be left in the hands of those whom you trust most to do the best job.
At Martin A. Harvey & Co. Solicitors, we have been guiding people through the wills and probate process for more than 80 years and have developed unrivalled skills and experience in this most sensitive of legal areas. So, whether you would like the peace of mind of creating your own will or if you have been tasked with dealing with the provisions of a deceased person’s will, we are here to help.