Secure Your Legacy, Protect your loved ones : The Importance of Making a Will
In light of recent news stories about assets being inherited by the Crown under the principle of ‘bona vacantia’, it has never been more important to consider the future of your estate. At PCB Solicitors, we understand the complexities of estate planning and the importance of securing your legacy for your loved ones.
Why Make a Will?
By making a Will you can stipulate how your assets are distributed in accordance with your wishes upon your passing. Unless challenged, by listing your beneficiaries, you can identify how much each of your loved ones receive and direct any specific legacies you may wish to make.
Without a Will, your estate will fall under the statutory rules of Intestacy. This is a defined list of who can inherit from your estate. Ultimately, if there is no one falling under the 8 specific categories of ‘family’, your assets final beneficiary is to the Crown.
The Risks of ‘Bona Vacantia’
The term ‘bona vacantia’ literally means ‘vacant goods’ and refers to the legal principle where unclaimed or ownerless property passes to the Crown. In the absence of a Will, there is a real risk that your assets could become subject to this rule, especially if you have no immediate family or your family cannot be located.
At PCB Solicitors, our experienced solicitors are here to advice and discuss the options with your Estate Planning, whilst outlining the current situation or lineage with or without a Will. We offer bespoke advice tailored to your unique situation, ensuring that your will reflects your wishes accurately and is legally sound.
Protecting Your Loved Ones
A Will is more than a legal document; it’s a way to protect and provide for those you care about. It is also a powerful document to try and mitigate Inheritance Tax or Care Fee Planning.
Specific Trusts can also be used to protect vulnerable beneficiaries, children from first marriages and many other scenarios which life can throw at us.
A well-drafted will can also help avoid disputes among family members, ensuring a smoother transition during a difficult time. When discussing and advising about your Will, we will enquiry for your reasons behind decisions. This is so that we can advise on whether additional documents should be drawn up to try and protect your estate from later challenges, thus again trying to protect your chosen beneficiaries and wishes.
Take Action Today
Don’t put it off any longer! Contact PCB Solicitors today to discuss your Will and estate planning needs. Our team is here to provide you with the guidance and support you need to make informed decisions about your estate.
Ready to secure your legacy? Reach out to PCB Solicitors on 01743 248148, email us or visit our Contact Page to arrange an appointment. Let us help you ensure that your wishes are honoured, and your loved ones are cared for.