As many of us know, life is not without unpredictability and the best we can do about that is prepare. After a scenario involving loss of life, a clear and thorough will should act as a list of instructions to those responsible for fulfilling your final wishes. Ideally, your money, possessions, property, statements and personal requests should be passed to the intended recipients, whether it is family, friends, colleagues or any other trusted associates. As many will tell you, one of the major benefits of leaving a thorough will is peace of mind as it helps ensure that your loved ones will receive what you have left behind for them. Understandably, many people are hesitant due to the uncomfortably of the topic, but the absence of a will can lead to complications.
With no will to provide specific directions, the law will be obligated to take propriety over your final affairs. Official authorities may be left to distribute your belongings to individuals in your life who they deem fit to receive them despite your relationships. Who could very likely be leaving a sizeable estate to a known associate you do not trust or have had grievances with.
Your family will be the most impacted in this scenario. Issues with next of kin can vary depending on personal problems or state of relationships. In most cases, some family members will resort to legal battles over assets they believe should belong to them, this ordeal can be exceedingly expensive and may present a problem in terms of inheritance.
Part of the financial inheritance contributes to a tax that could be significantly higher without a will, and any legal disputes that may occur could determine how long your family will receive it.
Sometimes, most loved ones are often left with no legal recourse at all. For instances, unmarried partners are not entitled to inherit anything from your estate. With no confirmation of their right to obtain any assets, they will be isolated from the process.
Situations involving large families with a married partner and children are no less complicated. By law, the married individual will receive the majority of the estate and the children may be left with nothing which could leave them excluded and vulnerable, especially if a separation has occurred.
In cases where a next of kin is unavailable, your assets will become the possession of either the crown or government and the officials in charge of handling your estate will have the final say on what to do with them. In most cases, your property and all your possessions will likely be sold to the highest bidder.
The consequences of an absent will are undoubtedly distressing, so you should not leave anything to chance. At In Home Wills, we work closely with our clients to ensure their affairs are in order. Our services in will writing, probate, funeral plans, lasting POA, trusts and estate planning provide absolute clarity for your estate and guarantees peace of mind for you, your family and your friends. call us at 0800 999 1358.
Get in touch to discuss your requirements and book a home appointment. Or if you would prefer we can arrange a zoom or video call.