It’s prudent for every adult to draw up and sign a will. You may say that your assets are minimal, and you think it’s not worth the trouble. However, things may change unexpectedly. You might receive a surprise inheritance. If you die without a will, the court will decide who receives your assets.
Young people may think they are invincible, and the farthest thing from their mind is making a will. For many others, it is just procrastination. Their intentions are good, but they just never get around to making a will. Recent research reports that fewer than 50% of adults in the UK have a will. There are some excellent reasons for having a will set up:
- If you pass away with no will, the court must appoint a person to act as administrator of your will. It can either be someone in the family or a third party. The administrator may make decisions which may seem very unfair and cause contention among family members. The court system will be in charge of distributing your assets. Your estate will be settled by following the state laws of inheritance.
- Having a will can spare your heirs unnecessary expense, time and possibly excess emotional stress by not knowing how you wanted them to distribute your assets.
- If you have dependent children, the court will be the one to choose a guardian for the children.
- A solicitor can set up a will by filling out forms you need, but you should do some research about any exceptional circumstances that may apply to your particular situation.
- Drawing up a will allows you to name an executor and choose an estate attorney. This document gives your executor the power to pay your bills, deal with debt and specify how you want your assets distributed.
It doesn’t matter how old you are or what you have in assets; it is still wise to have a will set up by a lawyer or at least a legal do-it-yourself will. Your heirs will thank you for expressing your wishes for asset distribution. Make a point of getting this task done.
If you are a solicitor contact us today. Independent Psychiatry is able to assess testamentary capacity to make or change a will.