Do I need a will? Many people often question the importance of making a will, or put the sensitive issue to the back of their minds. However, writing a will is the only way to guarantee that your belongings and estate will be left to the people you want it to be. In the latest blog post by Broadbents Solicitors, we take a look at some of the reasons that writing a will is of paramount importance.
Protecting Your Loved Ones
One of the main reasons individuals leave a will is to protect the loved ones they will leave behind.
If you pass away without having a valid will in place, this is known as dying intestate and means that all of your money and belongings will be distributed as per the rules of intestacy, which may not reflect your wishes.
It is important to note that unmarried partners that were cohabiting cannot inherit under the rules of intestacy, which may mean the surviving partner has to leave their home and all of their belongings. Consequently, where two partners are not married, but wish to leave their belongings or home to the other, a will becomes hugely important.
Further to this, drawing up a legally binding, valid will can help to reduce the amount of Inheritance Tax that may be payable on the value of the estate and money you leave behind.
What is a Valid Will?
If you’re no longer wondering “Do I need a will?” and are instead focused on making sure that your assets are left to the individuals and organisations you want them to be, you will need to ensure the will you draw up is legally valid
For a will to be valid, certain criteria need to be met, including:
The will must be in writing (not in a digital format) and be signed by yourself.
You must be able to comprehend the nature of the will, the value of your estate and the effect the will has.
You must sign the will voluntarily, without coercion from others.