Do you hate your family? If so, then make sure you don’t make a Will.
We mean it!
Creating a Will should be a priority when you care about your family. A Will safeguards your property and your family’s security after you’re gone. When you die without making a Will, the consequences could be from minor inconveniences to frustrating stress for your family.
When you don’t have a Will, the court takes over its distribution formalities. And that might not be the best outcome. In this blog, we’ll talk about the probabilities of what can happen if you die without a Will.
Your estate falls under the wrong administration
When you have a Will, you can mention an executor or executors who administers your asset distribution. This executor will be a person you trust and whom you want to be in charge of the instructions in the Will.
On the contrary, when you die without a Will, there will be no executor of your choice. And there are high chances for your estate to fall into the wrong hands.
Your kid’s future might be insecure
When you have a Will, you can leave a legal guardian to look after your minors or kids aged 18 and above. Additionally, you can even assign Trusts for your minor kids so that they can take care of the money until your kids are old enough to inherit it.
The same applies to stepchildren. If you wish to provide for your step kids who don’t have any legal right to inheritance, you can mention it in your Will.
Without a Will, the family court might appoint a legal guardian for your children you may not agree with. Plus, you cannot be certain if your kids will receive their legal inheritance on time or even at all.
Your partner could bear the inconvenience
Regardless of living together with your partner for years, they still aren’t legally recognized as your partner. So, when you don’t write a Will, your unmarried partner won’t receive any share in your property.
However, writing a Will allows you to leave a fair share of your assets to your unmarried or live-in partner who can then legally inherit them after you die.
If you want to leave your home to them, you can legally do so by writing a Will.
You may be liable for taxes
A Will allows you to appoint a qualified solicitor to look into your tax planning.
Your estate value and whom you leave your estate to determine your inheritance tax value. If you mention your spouse or partner in your Will for an inheritance, there’s often no need for an inheritance tax.
Other ways not having a Will may disturb your family
If you die without writing a Will, here are the probable consequences, other than the ones we’ve already mentioned, that may bring problems to your loved ones.
- Nominating a caretaker for your pet: Without a Will, your pets remain as mere property stated by law. A Will allows you to nominate a caretaker for your pet.
- Leaving your legacy to charity: When you have a Will, you can mention a charity as a beneficiary to leave a thoughtful gift for the needy.
- Messages for beneficiaries: Besides stating the beneficiaries to all types of assets in your Will, you can even leave a message to your beneficiaries in your Will as a kind gesture.
A Will ensures that your estate is divided among the right beneficiaries legally and without the interference of the court. When you don’t have a Will, your assets may not fall into the rightful heirs as you wished for.
So, if you care for your family, make sure to write a Will at the right time and save your loved ones from the trouble that comes after.
However, making a Will can be challenging if you’re new to estate planning. That’s why we’re here. Reach out to us and our experts will explain all you need for making your first Will.
AasaanWill Zaroori Hain!