Many people believe that a will should only be written when an individual has a large amount of assets and when an individual has reached a particular age. The reality is that a will should be written regardless of the value of assets held and regardless of a persons age. Wills are highly important to have in place in order for people to be aware of how assets should be slit. In a world where unexpected loss of life is common it is important to have such practices in place. Writing a will is inexpensive and can be completed in a short period of time.
The law states that when a person dies and a will is not in place it is the role of the law to decide who will get what. The person who has died may have had their own view on who get s what but they did not put this in place by writing a will. In cases where the law decides who will get what some people may feel badly done to and may not be happy with the decisions that are made. Having a will in place is the best way of ensuring that the right people get what they are entitled to. In cases where an individual is unmarried and has no close relatives the Crown will claim the estate of the person under the Law of Intestacy (1925).
None of the possessions owned by the individual will be split out and they will be returned by the government. This is one of the main reasons why it is highly important to have a will in place, regardless of age or the value of assets that are held. Appealing against the decision made by the law can be incredibly difficult and decisions are overturned very rarely. Many people choose to write a will so that they can make their own funeral arrangements. All of the arrangements can be included within the will and the costs can be covered through using the persons own assets. Writing a will can also be beneficial for tax and inheritance purposes. Seeking professional advice can help to minimise the tax that people face when inheriting estates from people. An individual who writes a will has the control of where their assets go after they die and this is the biggest benefit.
[contact-form-7 id="14591" title="Get In Touch"]