Should I have a Will?

I can probably guess the answer to this question; I should have done that whilst I was stuck at home in lockdown.

Well, you would not be the first to feel that way, although some figures recently published by Which magazine stated that year on year from March 2020 to March 2021, the Will ordering service increased by 203%, with the same period April 2020 to April 2021 seeing orders soaring to 682%. These increases in percentage terms are not to be taken just on their own, due to the statistics from The Law Society that reports in a recent survey that 56% of respondents didn’t have a Will.

So what is it about making a Will that we all seem to find so hard to get the time to do?

I have been asking this question to people for the past 33 years. But, surprisingly, I still seem to get the same answers. They are; I have nothing to leave, or I am too young, both of which can be a mistake if you have an unmarried partner or you want friends to receive something when you have passed, the reason is down to the laws of intestacy, this is what happens when you die without making a Will.

The intestacy rules mean that your assets are distributed to your relatives in strict order, and any unmarried partner or friends will be left out. So the only way to ensure that your estate can be looked after as to your wishes is to make a Will.

It is far more difficult when you live abroad, either as a retiree or a working expat. However, you will generally have different laws and rules to contend with. Therefore, you need to look at the whole of your estate and the places where you hold assets, both fixed and liquid.

It is fair to say that doing nothing is not an option when you are offshore, it can carry consequences for those you leave behind, and with language barriers, this is frustrating when people’s emotions are running high.

Having spoken to many law firms in the UK, Thailand and other jurisdictions, the clear advice is to have a Will in each area you have assets, with clear instructions to have a Will in the country you reside in.

Alongside the Will, other legal forms can accompany the Will and assist your loved ones, especially if they are not residents in the country where you reside. Recommendations are to think of Power of Attorney and a Living Will, options if you need to act on their behalf before passing away and due to the inability to function on their own or be in a position to make financial or legal decisions that may affect them.

Having read this, you may be thinking, but how do I sort my affairs out? The best way is to get in touch with us here at Corestone, and we can help guide you to professionals that we regularly use that can assist you in the correct creation of a Will.

Peace of mind is knowing that informed decisions are the best decisions.

 

 

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