Four years ago today the music legend Prince passed away. With a career earning him seven Grammy Awards, seven Brit Awards and a Golden Globe Award to name just a few you’d expect him to have an Estate worth a bob or two. But what happens if you die without a Will?
In fact it’s estimated his Estate was worth over $150 million and with posthumous releases of his work it’s likely to have grown in size. But guess what, despite such riches, Prince didn’t have a Will in place.
Why Should You Make A Will?
With no documented wishes, there ensured an onslaught of children, siblings, distant family members and ex-wives all trying to make claim to the Estate. What followed was reportedly a three year legal battle costing in excess of $45 million. That’s a lot of his Estate spent fighting, surely not something that Prince would have wanted to happen to nearly a quarter of his worth.
Making a Will often seems like just ‘one of those jobs’ and gets put on the back-burner to be dealt with when the more exciting things in life allow. And this is fine until it’s too late. Then what’s left behind is a family, potentially a feuding family, having to deal with an Estate whilst also grieving.
By taking the time to make a Will, you ensure that your wishes are honoured and your loved ones aren’t left to navigate a complex and costly legal battle. It’s a simple step that provides clarity, peace of mind, and, most importantly, avoids the stress and heartache of family disputes during an already difficult time. Don’t leave things to chance and make a Will today to protect both your legacy and the people you care about.
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How Long Does it Take To Make A Will?
All it takes is a couple of hours to document your wishes and make a Will. These couple of hours can save weeks, if not months, of anguish and upset and falling out not to mention the hefty price tag that comes with contesting a Will.
While it is possible to write a Will yourself, using a qualified solicitor ensures that your Will is legally sound, accurately reflects your wishes, and minimises the risk of disputes after your passing. A solicitor can provide expert advice on complex issues such as inheritance tax, trusts, or ensuring vulnerable beneficiaries are properly protected. They will also ensure your Will meets all legal requirements under the law of England and Wales, reducing the risk of it being challenged or deemed invalid. By seeking professional guidance, you can have peace of mind knowing that your Estate will be distributed exactly as you intend.
Having a Will in place ensures that your estate is distributed according to your wishes after your death. Without a valid Will, your estate will be divided according to the laws of intestacy, which may not reflect your preferences. This could lead to family disputes, unnecessary legal costs, and a prolonged probate process. A Will provides clarity and can prevent the emotional and financial strain on your loved ones during an already difficult time.
You can write your own Will, known as a ‘DIY Will’, but it’s important to ensure that it is legally valid and clearly outlines your wishes. If you choose to write your own, it must meet all the legal requirements, such as being signed and witnessed correctly. However, using a solicitor can provide peace of mind that the Will is valid and that you are not overlooking important aspects, especially if you have a complex estate or family situation.
If someone dies without a Will in England and Wales, their estate will be distributed according to the rules of intestacy. This means the government will decide who inherits your assets, which might not align with your wishes. In some cases, this could cause financial strain or family disputes, especially if you have dependents or stepchildren. It’s always best to make a Will to ensure that your assets go to the people you want and avoid unnecessary legal complications.
Already Have a Will? Why Is It Important to Update Your Will?
Making a Will is a crucial step in protecting your loved ones and ensuring your wishes are carried out, but it’s not a one-time task. Life changes like marriage, divorce, having children, acquiring new assets, or even changes in tax laws, can all impact the relevance and effectiveness of your Will. If your Will no longer reflects your current wishes or circumstances, it could lead to unintended consequences, including disputes among family members or assets being distributed in ways you no longer intend. Regularly reviewing and updating your Will ensures that it remains valid and aligned with your latest intentions.
How Do I Update My Existing Will?
Updating your Will is straightforward but must be done correctly to ensure its legal validity. In England and Wales, you can update your Will by:
- Creating a Codicil – A codicil is a legal document that makes minor amendments to an existing Will without needing to rewrite it entirely. However, it must be signed and witnessed in the same way as your original Will.
- Making a New Will – If your changes are significant, it’s often better to create a new Will that revokes the old one. This ensures clarity and avoids confusion over conflicting instructions.
To avoid mistakes or legal challenges, it’s always advisable to seek professional guidance from a solicitor when updating your Will. They can help ensure your amendments are properly recorded and legally binding, giving you complete peace of mind.
Contact us
Our advice is to make a Will. Click here to see our fees for making a will. With our will writing services in Yorkshire we will make sure that your wishes are heard when it comes to dealing with your estate when you die. If you wish to make a will or update an existing will then call us at any of our offices to discuss our needs and to make an appointment.
The content of this blog post is for information only and does not constitute formal legal advice and should not be relied upon as advice. Thornton Jones Solicitors Limited accepts no liability for any such reliance upon this content. Where the post includes links to external websites, Thornton Jones Solicitors Limited accepts no responsibility for the content of such sites. Any link to a third-party website should not be construed as endorsement by Thornton Jones Solicitors Limited of any content, products or services which are outside our direct control.
