Understanding the Importance of Wills, Probates, and Trusts

Many people postpone writing a will, associating it with old age or seeing it as an burden. However, the reality is that wills, along with probates and trusts, are crucial elements of financial planning, that everyone—regardless of age—should consider. The absence of a will can place loved ones in complex, often distressing, legal dilemmas, particularly for younger people and unmarried couples with children.

What is a Will, and Why is it Important?

A will is a legal document that outlines how you want your assets distributed after your death. It ensures that your wishes are respected and provides clear instructions for the care of your minor children, financial assets, and even your pets. Wills are not just for the elderly. Anyone who has assets, minor children, or specific wishes about their death should have a will.

The Role of Probates and Trusts

Probate is the process by which a will is legally recognised, and the deceased’s estate is administered. It confirms the will as valid and ensures the proper distribution of the estate under legal supervision. Without a will, the process can become more complicated and time-consuming.

Trusts, on the other hand, are arrangements where one party holds property on behalf of another. Trusts can be used to manage your assets both during your lifetime and after, offering a layer of control over how your assets are used and when they are accessed, such as stipulations for minors who may inherit your assets.

The Dilemma for Younger People and Unmarried Couples

Recently, there has been an increasing number of cases involving younger people and unmarried couples who face difficulties due to the lack of a will. Unmarried partners do not automatically receive assets from each other unless explicitly named in a will. This can create precarious situations for surviving partners and children.

Who Receives the Money After Death?

If you die without a will (intestate), the law decides who receives your assets. This typically means your closest relatives: your spouse, children, parents, or siblings. For unmarried couples, the surviving partner may not receive anything unless there is a will stating otherwise, which could potentially leave the surviving partner and any children in a vulnerable position.

Why Act Now?

• Prevent legal complications: A will simplifies legal processes and ensures that your estate is handled according to your wishes.
• Protect your loved ones: It provides security for your family and dependents and prevents unnecessary stress during an already difficult time.
• Control over your assets: Decide exactly who gets what, avoiding potential disputes and ensuring your assets are distributed in the way you see fit.

If you are unsure where to begin, or if you need help, we encourage you to contact us. We can connect you with a qualified specialist solicitor who can guide you through the process of creating a will, setting up trusts, or navigating probate laws.

Preparing a will is an act of kindness and responsibility towards those you love. Don’t wait until it's too late—start the conversation today and ensure peace of mind for yourself and your family.

For more information or to get started, email us and we will put you in touch with a qualified specialist solicitor who can provide tailored advice and support.

Wills & trusts are not regulated by the Financial Conduct Authority.