According to statistics regarding unclaimed estates, 15,000+ of these estates are recorded and held by the UK Government’s Treasury Solicitor as of October 2015. Unfortunately, if you die and have not made a will, your whole estate passes on to the Crown. In addition, if you are married or separated and do not have a will in place, your spouse may receive most or all of your estate whilst your children will get nothing.
Draw up a Will Immediately
If you are not married or are in a civil partnership and leave no will, your partner is not legally entitled to any of your estate when you die. So, if you have not yet drawn up a will, you need to do so immediately. Even if your estate is not large, you still need to make a will so you can affirm your final wishes and make sure that your estate is managed accordingly.
Dying Intestate Leaves You Powerless in Death
People who die without a will are said to die intestate. When you do not leave a will or die intestate, the effect can be burdensome on your family. For example, the costs associated with administering your estate is higher and the executor who is chosen to administer your assets will not necessarily be an individual whom you have selected. When you die without a will, the estate distribution is fixed legally, regardless of your intentions to exclude or include certain individuals.
Also, all the amounts remitted to younger heirs occur when they become 18 years old. You cannot choose the age for distribution. The distribution is made in accordance to intestate law instead of your personal preferences and wishes. However, if you contact a professional will service in Norwich, you can avoid this type of problem.
Why Making a Will Is a Positive Undertaking
That is because a will allows you to do things you could not do otherwise. For example, you can specify who will administer your estate and give direction to your executor(s) about how to allocate specific assets and accomplish the desired estate planning and tax goals. You can also safeguard your assets from being used for charges for long-term care. In addition, a will enables you to choose the custodians for young children.
Whilst you can write your own will in England and Wales, it is still better to work with a will service in creating the document. That way, you can have your enquires answered and addressed and have your instructions translated into legal provisions. Otherwise, your estate assets may not pass to your selected beneficiaries. Either the provisions may not be valid or your choice of words may not coincide with a legal principle or rule. You will not run into this type of difficulty when you turn the writing over to a professional.
Besides drawing up wills, will writing professionals can also assist you with powers of attorney, the creation of discretionary and lifetime trusts, and probate. Property title changes can also be made through these means.