Will writing in cornwall

What is a Will?

A will is a legal document that outlines your wishes regarding the distribution of your assets after your death. It allows you to specify who will inherit your property, take care of your children, and make decisions on your behalf. Think of it as a roadmap for your loved ones, guiding them through your wishes during a challenging time.

Why is Having a Will Important?

Having a will is essential for several reasons:

Peace of Mind: Knowing that your wishes will be honoured brings peace of mind to you and your loved ones.
Control Over Asset Distribution: You decide who gets what, rather than leaving it to chance or state laws.
Guardianship for Children: You can appoint guardians for minor children, ensuring they are cared for by someone you trust.
Reduce Family Disputes: A clear will can help minimise conflicts among family members

Simple Will vs. Will Trust: What’s the Difference?

When considering estate planning, you may come across two common options: a simple will and a will trust. Understanding the difference can help you make an informed choice.

Simple Will

A simple will is a straightforward document that outlines how your assets should be distributed after your death. It’s easy to create and can be a great option for individuals with uncomplicated estates. However, a simple will typically goes through probate, which can be time-consuming and costly.

Will Trust

A will trust is a more sophisticated option designed to provide greater protection for your assets. Created through your will, a will trust becomes effective upon your death and allows for the management of your assets by designated trustees. The benefits include:

Asset Protection: A will trust helps shield your assets from potential future risks, such as where your partner forms a new relationship or goes into a care home.
Support for Minor or Vulnerable Beneficiaries: If you have minor children or beneficiaries who may not be financially responsible, a will trust ensures that trustees can manage and distribute the assets on their behalf. This can provide stability and support during crucial times in their lives.

By choosing a will trust, you can have peace of mind knowing that your assets are protected and will be managed according to your wishes, ensuring the best outcome for your loved ones in the future.

The Risks of Not Having a Will

Failing to create a will can have serious consequences. If you die intestate (without a will), your assets will be distributed according to state laws, which may not reflect your wishes. Here are some potential risks:

Unintended Beneficiaries: Your assets may go to relatives you didn’t intend to benefit or to the state if no eligible heirs exist.
Strained Family Relationships: Without clear directives, your loved ones may face disagreements over asset distribution, leading to conflicts.
No Guardian for Children: If you have minor children and don’t specify a guardian, the court will decide who raises them, which may not align with your wishes.

Our friendly and experienced team is here to guide you through the process, ensuring that your wishes are respected and your loved ones are taken care of.

WILL DRAFTING