There is a common misconception that if any one dies without making a Will, their entire property would automatically go to their surviving spouse. But this is not always true. It is the Law which decides on the inheritance of the property, in case there is no Will. This might not happen as per our whims and fancies, and might sometimes lead to unnecessary tax liabilities. There are chances where relatives might take undue advantage with selfish motives.
Without proper Will making, there might be many disputes with regard to the sharing or distribution of the property thereby leading to adversity and worries. Even the costs incurred to decide about the distribution of the property will also increase which again should be borne by our beloved ones when they are actually in mourning.
Nowadays Will making is no more a complicated process, especially after several online services have jumped into the market; it could be done simply by sitting at home. Earlier, one had to search for a solicitor to get advice from him for making a Will. But, now all the formalities would be taken care of by different firms specialised in that.
For married couples, if they do not have children, then some of the assets might go to other members of their family and spouses will have a certain part of it. For unmarried couples, unless and until they make a Will, their spouses will not get any of the benefits. Their entire property will go to their children and, if they do not have children, their siblings and other blood relatives will share it.
If a couple is separated and one of them dies without a Will, then the ex-spouse can claim a share on it; even if he or she did not claim they can have financial control of the children of the deceased. An ex-spouse will have parental rights even if they have separation agreements. Only through a Will one can appoint good people as guardians as per their wish and can avoid ex-spouse entering into the family again. So, in all the cases, only a Will can protect from problems and give us peace of mind.
In the UK, Will making has been perceived as something which is related to old-aged people when they are counting their days. Most of the people consider Will making as a bad omen. In the case of intestacy, the law will have an upper hand and, sometimes, it might also ask for setting up of trusts which will involve huge costs.
Married couples should write the Will without any flaws keeping in mind all the rules prescribed by the law. If a person is getting married or remarried a Will written by him previously will get cancelled. The Will should cater to all these issues and so, while drafting a will, one should avoid unnecessary complications and should strictly adhere to the law.
If the property is passing from a husband to a wife or vice-versa, there is no inheritance tax liability. In order to acquire all tax benefits one should plan ahead. The Will should also be updated as years pass by and depending upon the circumstances of one’s life.
It is a fact that millions of people fail to make a Will and leave their families at financial risk. Some of the studies reveal that around 50 per cent of the people die either without will or without valid Will. Three fourth of the people are under 44 years. The estate of a person without a family will automatically pass to the Crown; unless a Will has been made no other friends or relatives can claim a share on it.
Around £15 million have been collected from intestate and credited to the Government treasury. Without a proper Will the property will go to the Crown and many people fail to realise it. Part of the estate including the house might go to the Crown but the mortgage amount will be settled.
Sometimes, if both the partners have separate children, there may be chances of denial of property to one of the party’s children, if the Will has not been drafted. So irrespective of one’s age he or she should draft a Will just to safeguard their kith and kin.
