By Arshid Idris Solicitor 23rd January 2012
Making a will is a
straightforward process and means that what should happen to one’s assets is
made clear in a written document.
Yet, surprisingly, most
of us (6 out of 10 people) die without making a will.
Why?
The most common reason I
have heard relates to couples, who say and believe “well, my partner will get
everything”.
This is one of the
biggest misunderstandings about wills.
In fact, if the couple
are married, the surviving partner does not inherit everything: only a fixed
amount. If the couple are unmarried, the partner inherits nothing at all.
So the message is: get
proper legal advice and make a will.
If
you don’t make a will, you leave things to chance and there will be
uncertainty. By making a will, you are able to organise your affairs. Making a
will gives you peace of mind as to what happens after your death. Have a look
at the following examples of the kinds of difficulties you can find yourself in.
WILL
|
NO WILL
|
| 1. You will have chosen certain individuals (executors) to deal with your affairs after your death. | You will not have selected executors. This may cause arguments between family members and whoever wishes to act will have to be appointed by the court. |
| 2. You will have thought about and provided for your loved ones as you think appropriate. | You will have no say in how your assets are divided up and
in what shares between your family members. If you and your partner were not married, he/she will get no inheritance unless that person satisfies certain conditions and may need to apply to court, which will be costly and time consuming. Even if you are married, It is incorrect that everything will go to your husband/wife. What your spouse inherits depends on whether there are children and other relatives. |
| 3. If you have children under 18, you can choose close relatives/friends to look after them in your place. They will be the children’s guardians and will take care of the children should your spouse die before you. | There will be no one to care for your children if your spouse/partner dies before you. This will cause distress and uncertainty as the court will have to decide who should look after your children. |
| 4. You are free to choose to have your assets distributed in accordance with your own religious beliefs. Therefore, a Muslim can make a will requiring that his assets are distributed in accordance with Islamic law. | If you have no will, your religious preferences will have
no bearing on how your assets are distributed upon death. The distribution follows the intestacy laws. |
| 5. You can make gifts in your will which can result in substantial savings in inheritance tax. A will allows you flexibility. For children, you can delay their inheritance to a specific age, often age 25 is selected. Alternatively, you can arrange for a trust to be set up, which is a way of providing for children under 18 but can also be useful for adult family members. | If you have no will, you will not have the benefit of arranging your affairs in a tax efficient way. In the absence of a will, your family members will inherit according to the fixed rules in the intestacy laws. These provisions may not be appropriate for your family’s needs. |
A will is a document in which you state who should inherit from you
after your death. It is essential to make a will to provide for your family as
you wish. If there is no will, your family is then dependent on the intestacy
laws which may not provide for your family as you may have wished.
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