Is getting a will necessary if you own a property?

Is getting a will necessary if you own a property?

A blank last will and testament form with a pen laying over it.

Research shows that around half of adults in the UK do not have a valid will. Many people put off making a will as they think that it will be complicated and expensive. Some people don’t want to think about death. Others think that it is not required if they are of fairly modest means and their financial affairs are simple. However for people who own a property or a share in a property, writing a will Leeds becomes necessary as the property, which could be quite valuable in financial terms, will be part of the estate they leave on their death.

If you do not have a will, then what will happen to your property when you die? A family member will have to apply to administer your estate, which will the be shared out according to the rules of intestacy. These rules give priority first to your spouse or civil partner, then your children or (if your outlive your children) to your grandchildren. Cohabiting partners, friends and carers are simply ignored. Even if you are happy with your property being shared in this way, dying intestate (without a will) leaves stress and uncertainty for your family, and at worse it can mean a friend or loved one having to leave the home they shared with you because it has to be shared out among other family members.

There are several options when it comes to making a will. Some people use the DIY kits which are available from many high street shops. This is cheap but there are many pitfalls which could make a will invalid. If that happens then the estate will be shared using the intestacy rules above, and the deceased’s wishes will not be followed. By the time the mistake is discovered, it will be too late to put it right. Another option is to go to a solicitor, but this can be a very expensive choice. More and more people choose to go to a firm of will writers. Will writers are experienced professionals who will take time to understand what you wish to happen to your property after your death and drafts these instructions into a legally binding document.

If you own a property (or even if you don’t) then you should make a will. Making a will means that you can decide exactly what happens to your property when you die, and appoint an executor who you can trust to deal with the estate when the time comes. You can protect the rights of other people living in your home and make sure the family home doesn’t have to be sold to split the proceeds among family members.
You can make sure that loved ones do not have to deal with unnecessary stress at what will already be a difficult time and may even be able to reduce liability for Inheritance Tax.

Making a will give you the reassurance that whatever happens, your loved ones will be protected and your property given to the people you wish. None of us knows what the future will bring, and it’s never too early to prepare.