Probate and Wills can feel overwhelming and even intimidating, but it doesn’t have to be so daunting. A will is a legally binding way to ensure everything is dealt with as you would like once you pass on.
In this blog, we will look at some interesting facts about probate and wills that many people aren’t aware of.
More Than 50% Of UK Citizens Do Not Have a Will
In the UK, roughly three out of five adults do not have a will. This means their assets may end up going to people they might not want them to. Over 30 million adults risk their property and savings being distributed without guidance.
No Blood Relatives? Your Estate Could go to The Crown
Dying without a will means you have died intestate. If you have no living blood relatives, your estate may go to The Crown. If you have a surviving spouse, they might not automatically get your estate, so making a will is important to ensure your wishes are followed once you die.
You Can Gift to those Under 18s
If you want your estate to go to children, you can gift it to them in your will. It will stay in a trust until they turn an age decided by yourself – usually 18 or 21.
You Must Create a New Will After Marriage or Divorce
If you write a will before marriage or divorce, you must make a new one. This will ensure your new or ex-spouse receives what you wish according to your relationship. Many people do not realise that a new will is required, which can lead to complicated hold-ups with the estate.
A Will and Power of Attorney are Different
A Lasting Power of Attorney is valid in your lifetime, with someone appointed to make your decisions when you are incapable. A will only comes into play after you have died. Some people confuse wills and LPAs, so it is important to acknowledge the significant difference between the two documents.
Your Debts Do Not Die With You
Outstanding debts do not vanish. They will need to be cleared using your estate before it is distributed between your beneficiaries. If there is not enough to do this, insolvency or bankruptcy may be declared.
You Must Appoint Guardianship of Under 18s
If both parents die and a guardian has not been appointed, their children are at risk of going into care. You should discuss the responsibility of being a potential guardian with your chosen person/people and list them officially in your will.
Contact Probate Forms for probate and wills advice on 0209 9859553.
