Many people simply put this one off, but writing a will is extremely important and every person should have a will drafted that explains what will happen to their property, assets and money, once they pass on. Many people wonder when it is the right time to write a will. They feel that because they have not reached retirement age, or are in good health, that perhaps writing a will is a bit morbid, and will eventually need to be updated and changed as circumstances change.
Unfortunately, nobody knows what will happen tomorrow, and if an individual has dependent people, are in a relationship, or have anything they would like a particular person to enjoy, then they should ensure this is defined in writing with a probate solicitor in Portsmouth.
To put it simply, at any time after the age of eighteen, after a significant event such as a marriage, divorce, a windfall of money, having children, or when those children become adults, people should consider looking at their will, and revising it.
Why should one bother?
When someone dies it can be a terribly stressful and emotional time for the people who have been left behind, and without a will in place, additional pain and confusion will undoubtedly be added. Many family members will not know what to do with all of their loved one’s personal belongings, and without a will, state law determines how assets are to be distributed, and who will take control of the affairs.
Everyone needs to have a will in some form or another so that processes following a death can be smooth and hassle free. Aside from instructing loved ones what possessions go where, a will is a chance for a person to leave behind instructions to whomever they wish.
Usually, an executor is appointed in the will, as a person or persons who will be in charge of organising and executing the wishes laid out in the will. A secondary person should also be added should that person be deemed unfit. The court will take over should no person within the family wish to take on the task.
What happens if there is no will?
This can become painful and confusing for loved ones if a couple is living together but not married as the law may not recognise these couples as having the same rights as they would as husband and wife. When a person has no will, it can, and frequently does, lead to family disputes over who should receive what.
A professional lawyer is able to draft a complete will on behalf of their clients, and give them the peace of mind to know that their wishes will be adhered to. This means that their property will be looked after as they want it to be.
Lawyers are also able to work alongside external tax advisors to make sure that the assets will be distributed in such a way that it will be as tax efficient as possible. There is no harm in taking advantage of these skills that such professionals can offer.