Typically, a Will serves as a legal document in which you express your desires regarding the distribution of assets, such as property, money, possessions, investments, and children, in the event of your demise. If you reside in the UK and pass away without a valid and legally binding testament, like a mirror will for instance, the government gains control over asset distribution. Additionally, individuals will be at liberty to decide, for their own advantage, who assumes responsibility for the care and education of your children under the age of 18.
Unraveling Intestacy Rules – Your Ultimate Guide to Inheritance When it comes to inheriting, what happens if you pass away without a will while married or in a civil partnership? That’s where the rules of intestacy step in. Under certain circumstances, your spouse may inherit everything, but things can get more complicated when children enter the picture. The Consequences of Dying Without a Will In the absence of a will, the government follows the laws of intestacy, a set of procedures that determine who inherits your property. However, these laws are outdated and often fail to account for modern family dynamics, such as single parents, stepchildren, and divorce. It’s crucial not to rely on them blindly. Furthermore, if you have minor children and haven’t appointed a guardian, social services and/or the courts may intervene to decide their future care. Executing Your Desires Introducing the mirror will – a formal document that expresses your wishes for the distribution of all your assets after your passing. This encompasses your finances, real estate, investments, and personal belongings, collectively referred to as your estate. Creating a will also allows you to name the legal guardian(s) for any minor children you have. Crafting Clear Bequests A bequest in your mirror will can take the form of a specified monetary amount, such as £5,000, or a particular item, like a cherished piece of jewelry. To avoid any confusion for your beneficiaries or the administrators responsible for carrying out your wishes, it is crucial to clearly define your bequests. With our professional will writing service, we’ll guide you through the process of accurately and effectively articulating your contributions. Don’t leave your loved ones’ future to chance – protect your assets and ensure your desires are fulfilled with a carefully crafted mirror will.
Ensuring Inclusivity for Everyone
1. Ensuring that everyone is taken care of
Without a valid will, the distribution of assets follows the laws of intestacy, which may not align with your preferences. Creating a will is crucial if you want to have peace of mind about who inherits what after your passing.
This becomes particularly important if you have stepchildren whom you have nurtured and cared for as your own. Writing a will is a surefire way to ensure that everyone receives a fair share, as without one, your stepchildren may not be entitled to anything.
Moreover, if your spouse is a step-parent to your children, preparing a will is equally important. Under intestacy laws, your surviving spouse would receive personal possessions, the first £250,000 of your estate, and 50% of any remaining assets. The remaining 50% would then be divided equally among your children, although this amount may be less than your intended bequests. Additionally, it’s crucial to note that if your spouse passes away, your children won’t inherit anything from their estate (including the assets you left to your surviving spouse). This is due to intestacy laws that prohibit stepchildren from inheriting.
Appointing Guardians for Dependents
2. Designating guardians for your children and pets
In your will, you can nominate guardians for any pets or young children to ensure their well-being if both of you pass away unexpectedly. Although this is unlikely, it’s essential to be prepared for the worst and minimize the likelihood of leaving your children in a state of disarray.
Establishing Your Estate with a Mirror Will
3. Compiling an inventory of your assets
While it’s true that if you’re married, your spouse will automatically receive a portion (or the entirety) of your estate, provided they can access the funds. Families often incur an average loss of £9,700 when someone passes away without a will. This typically includes unclaimed assets, such as pensions and bank accounts. By listing all your assets when creating a will through Farewill, you can ensure that your loved ones know exactly where to locate everything.
Clarifying Post-Passing Arrangements
4. Conveying condolences
Your partner might not be aware of your preferences for funeral arrangements unless you’ve discussed them together. Even if you don’t have strong preferences, including a few instructions in your will can spare your partner considerable stress and uncertainty in the event of your passing.
When using our online will-writing service, you can be as specific or general as you desire. In just a matter of minutes, you can make your selections, including whether you prefer burial or cremation and which songs should be played during the service.