We all know that a last will and testament is a very important legal document, one that we all need to have at some point or another – and ideally as soon as possible. If you have ever found yourself wondering why it’s so important, and what would actually happen upon your death if you didn’t have a will in place, you are not alone. This is a common query and concern, and it’s certainly beneficial to know the answer. Let’s look at some of the possible implications of not having a will in place when you pass away.
Your Spouse Doesn’t Automatically Receive Anything
A lot of people assume that when you die without a will, your spouse automatically receives all the assets that belonged to you. However, this is just not the case. It is not necessarily true that the spouse will receive anything at all, which is one of the reasons why probate solicitors are so important and why you should absolutely get a will written. Your partner or spouse could be left in serious financial trouble if you are not careful, so that’s something to be aware of here.
Your Home Might Have To Be Sold
Not just that, but your home might even have to be sold, depending on the intricacies of what happens. Specifically, if there are claims by other beneficiaries entitled under the intestacy rules, then even the family home might have to be sold in order to accommodate it. This might not happen, of course, but again, there are no certainties if you do not have a will in place. In order to ensure that your family’s home is safe, you need to contact wills and probate solicitors at your earliest convenience.
The Government Might Inherit Your Estate
If you are unmarried, your partner will be unlikely to receive anything at all. In fact, not only that, but you might also find that there is a chance for distant relatives to inherit the estate. In cases where that doesn’t happen, it might well revert to the government. It has happened many times in the past when the government inherits the estate of someone without a will, so that is something that you need to be aware of. Again, to avoid it, get a will written professionally by the appropriate solicitor.
There Will Be No Tax Saving Measures In Place
There is another really important benefit from having a will, too: the wills and probate solicitor you hire will often be able to find ways to legally reduce the amount of tax that needs to be paid on anything that you leave behind. That is obviously a really important way to ensure that your family is well looked after and gets as much of the estate for themselves as possible, so it’s a great thing to be aware of.
As you can see, it’s much better to have a will in place. Don’t hesitate: contact a solicitor today.
