Why you need a Will: Don’t be the cause of the family feud…
Don’t be the Cause of the Family Feud…
The lack of a will has formed the storyline of many a good yarn. From Dickens to EastEnders, fictional families have torn themselves apart fighting over a disputed inheritance. Such stories are not solely the domain of fiction, however; there have been many instances where intestacy has led to severe problems for the loved ones the deceased has left behind.
Take rock legend Jimi Hendrix, for example. He died without leaving a will in 1970 and the fight over his $80 million estate has torn his family apart, with court battles continuing for more than 30 years. Or Stig Larrson, Swedish author of The Girl with the Dragon Tattoo, whose huge estate defaulted to his father and brother after his death, leaving his partner of 32 years with nothing.
Then there’s reggae star Bob Marley who died intestate in 1981, when the bitter fighting started between his numerous children and various former partners. Other celebrities who died intestate include Pablo Picasso, Howard Hughes, John Denver and, more recently, Rik Mayall.
Clearly the lesson here is to have a legal will in place and save your loved ones from a lot of unnecessary stress. With a will you decide how your estate is distributed, who will look after your minor children, who will wind up and distribute your estate, make gifts and donations to charity and even disinherit individuals who would otherwise stand to inherit. A will even speeds up probate, the process through which all estates have to go, allowing your loved ones to access their inheritance more quickly.
With the right planning in place, you can even protect your assets for your children, guarding their inheritance against their divorce, bankruptcy, care costs or their own inheritance tax.
And yet 60% of British adults still do not have a will.
MVL Wills and Trusts Ltd is a local company specialising in wills and estate planning and can advise on further asset protection. We even offer a free review of an existing will. You can contact us on 01424 577070 or email at [email protected].