Ensuring that the people you want to receive your wealth are the ones that do get it, is an issue that some of us don’t deal with until maybe it’s too late.
This is because the subject of Writing a Will is one that many of us try to avoid – as it involves talking about death..
While your intentions may be to leave your assets divided among various relatives, friends, and charities when you die, your wishes may not be followed through.
As of October 31, 2014, the laws regarding intestacy – the distribution of your estate when no Will has been written – changed significantly.
“Will writing is crucial if you want a say in how your estate is divided” says Paul Dodsworth of Estate Planning Solutions. “If you die with an out-dated will, intestacy laws will take effect”.
Before the big shake up extended family members had rights, if an estate exceeded £450,000, but this is no longer the case. Now, it could be possible that instead of leaving behind your estate to your desired beneficiaries the government or other individuals would oversee your estate, who may or may not distribute it according to your wishes.
“We must make sure that we do not leave behind a legacy for our loved ones that is difficult to untangle, at a time which may already be a low point in their life” Paul further highlights that “the only way to guarantee your estate is rightfully distributed according to your wishes – to avoid “sideways disinheritance” – is to have a secure Will in place for when you are not around”
“Almost 60% of adults do not have a Will in place. There are many reasons for that, and one of them is the misconceptions/myths surrounding legacies which is an extremely risky situation for them to be in” states Paul.
The problems involved with sideways disinheritance are completely avoidable, if you have a detailed Will in place. By making sure exactly who, and how you want to split your estate, will ensure that sideways disinheritance disputes can be largely reduced.
Business Aspects would like to thank Paul Dodsworth for his contribution to this article. If you require further guidance on writing your will, please call Estate Planning Solutions on 0800 781 6658