It’s a frequent misperception that you only need to draft a will if you have property, savings, or other important assets. A well-thought-out and updated will is undoubtedly necessary for those with significant assets, but this does not negate the need for one for those without.
This article will examine the reasons why, even if you believe you have nothing valuable to leave behind, you should still draft a will.
Dying Intestate
You are not alone if you pass away without a legitimate will. Nearly two-thirds of Britons have not left a will. This is known as dying intestate, and the rules of intestacy will then apply. But you might be surprised by how many problems this could cause. Because you don’t have a lot of money or property, you may believe that a will is useless. Yet a will covers a lot of other things. Under the rules of intestacy, who inherits depends on legal family relationships and status. You can read a simple breakdown on the Citizens Advice website (Citizens Advice – Who Can Inherit). Here are a few instances:
- Everyone has more possessions than they realise, and it’s beneficial for your family to know whether they can keep your belongings or donate them to a worthy cause. Unbeknownst to you, you may be sitting on precious objects. When sold, collectable plush teddies, Pokémon cards, and record collections can fetch excellent prices. You should never undervalue nostalgia! If you’re not sure whether someone left a will, see our full guide on How to Find a Will (How to Find a Will)
- Are you going to leave anyone with debt? When you pass away, people mistakenly believe that your debts go with you. To make financial arrangements, someone will have to communicate with your employers and creditors. Additionally, they must contact any relevant insurance policyholders.
- Funerals can be customised to meet the needs of each individual and are not inexpensive. Your loved ones will feel less stressed if you leave a strategy in place.
- If guardians are not named in a valid Will, the decision falls to the courts or local authorities, potentially leading to lengthy and stressful legal battles over custody. Designating someone as a guardian removes this painful uncertainty, ensuring your child or children are cared for by the person you trust most.
- Your pets may have to go to a shelter if you don’t designate someone to look after them.
- Do you possess any sentimental items, family heirlooms, or treasures? Even photographs and letters are valuable and ought to remain in the family.
If a will cannot be found after someone dies, you may need to apply for probate with a copy or affidavit. Read more in our article on How to Apply for Probate if the Original Will Has Been Lost.
The HMRC summary of intestacy rules provides detailed legal guidance on how estates are distributed if no will is left (HMRC Summary of Intestacy Rules).
In Conclusion
You have no idea how much value you will have after you are gone. The worth of things fluctuates constantly. It’s also morbid but true that you have no idea how or when you’ll pass away. Make sure everything is in place with a valid will to spare your loved ones additional stress.
Contact WillFinda on 01376 350976.
