When talking about wills, you may have heard the word ‘intestate’ being mentioned. In particular, you might hear that somebody dies in intestacy and wonders what exactly this means. Indeed, it is important to understand intestacy and what the benefits are of creating a will.
If someone is described as intestate, this means that they will die without preparing and having a will in place. In other words, they have not chosen how their estate will be distributed upon their death. Instead, it will be up to the laws in the country to divide their assets.
There are certain laws in England and Wales about how property will be divided on the death of someone that is intestate. For example, married partners will be able to inherit property but partners that are not legally married cannot. In addition, children and grandchildren can enjoy assets.
Preparing a will in advance has many advantages. While nobody likes to think about death, it is best to do this now so that you can enjoy peace of mind. It is recommended that you prepare a will with a professional so that you can ensure it is legal and valid. Making a will on your own has the risk of being invalid if you do not know the rules. Let’s take a look at the benefits of creating a will.
There are rules if you die intestate. However, this may not follow your wishes. The good thing about arranging a will is that you can choose to leave gifts to loved ones that would be missed out. This can be anything from a sum of money to family heirlooms and valuable jewellery. You have the freedom to decide who is going to inherit what from your estate.
Everybody wants to look after their family and know they are taken care of when they die. When you prepare a will now, you can know that you can offer financial security to your family later on. You will be able to get your affairs in order and know what property is going to be left behind for your partner or children. You can protect your assets and know your loved ones will inherit it later on.
One of the number one reasons why families fight after a death is due to the absence of a will. If you have your will prepared in advance, there is a great chance that you can prevent this from happening. You can leave your assets to your loved ones and this can make sure that they are taken care of when you are gone. This can avoid anybody feeling left out when you pass away.
Some people like to plan their funeral and leave their legacy in other ways than leaving gifts. In other words, they can show their love for their family through a special funeral. Having a will allows you to choose how you want to say goodbye to your family. Perhaps this is having an upbeat service or special wishes for your burial. Either way, you can state your wishes in your will.
If you have young children, you may be worried about what will happen to them if you suddenly pass away. The best thing you can do is have a will so that you can appoint guardians for your children. This is going to give you peace of mind and you can know that your children will be looked after no matter what the situation is.
It is important that you choose an executor or executors of your will. This is going to be selected people that will sort your property when you die and follow the instructions that are left in your will.
You can choose anybody to be an executor of your will. This can be a family member or friend. It should be somebody that you trust and that you know will want to follow the wishes you set out in your will. In addition, it is best to choose someone that is capable of taking on the responsibility. This is going to make sure that everything goes as smoothly as possible. You can appoint up to four executors as long as they are above the age of 18 years old.
Instead of choosing someone you know, you can also select a solicitor or accountant to be your executor. They will have the experience necessary for the job and be able to handle the financial responsibility. Of course, this option is going to cost money and there will be a fee for being an executor.