Why is it important to have a Will?
Its all about choice and family protection.
You get to choose who will benefit from your Will – these are your beneficiaries.
You get choose who you want to deal with your estate – these are your Executors.
If you have any children under 18, you get to choose who will look after them (known as a Guardianship. Without a Will and named Guardian in place, your children will be made a Ward of Court and the Court will decide who will look after them.
Your Will protects your family and loved ones after your death and forms an integral part of your inheritance and intergenerational wealth transfer planning.
If there is no Will in place you lose this choice.
Without a Will, you are classed as dying intestate and then the laws of intestacy dictate who receives what, in what proportion and this may not be in line with your wishes and can lead to family disputes.
Making a Will gives you choice and peace of mind.
What is Probate?
Probate is the entire process of administering a person’s estate when they have passed away.
It is a common misconception that people think that if you have a Will probate is not required but generally if you own a property then probate will be required.
This involves organising their money, assets such as property and all other general possessions and distributing them as inheritance. Generally, all assets are frozen at the time of death until the Grant of Probate has been issued.