Your last will and testament is one of the single-most important documents that will ever be created on your behalf. It outlines the final action you will take in this world, ensuring that your estate is safely and legally passed on, as per your wishes.
Regardless of where you live in the world, it’s important that you make a legal will. However, it’s worth noting that the will-writing process becomes even more complex for citizens not living in their home nation, as the country of residence at the time of death could affect the transfer of your world wide assets.
This is why it’s absolutely essential that you make a legally binding will – no matter how old you are and regardless of where you live. Making a will is not a legal requirement, but it is one of the wisest decisions you’ll ever make. Doing so affects nothing short of your legacy, and it directly impacts the people that you care about the most.
Conflicts and Complications Can Arise Without a Legal Will
Surveys suggest that more than half of all adult UK citizens have not arranged a legal will. This is an issue of serious concern – especially considering the fact that the prevailing intestacy rules are outdated and often insufficient when it comes to allocating your estate according to your wishes.
Current laws often oversimplify matters of inheritance when no will is present. Without a legally binding will, the laws of intestacy will prevail. In England and Wales, for example, the intestacy rules dictate that the estate must be divided in a very standard manner. However, this isn’t always inline with the wishes of the deceased.
As an example, a long-term partner who was not married or in a civil partnership with the deceased may not inherit anything at all – even if the two had children together. Similarly, step-children are not provided for under intestacy rules. Guardians and executors will be appointed by the courts, and there will be no provisions for charitable donations or other small gifts from the estate.
Each country has their own intestacy rules, and those with immovable property in more than one jurisdiction will find themselves in an even more complex state of affairs. Following the letter of the law in this regard often leads to difficult circumstances between family members. It’s much more preferable for the deceased to have the final word on how their estate is divided.
Contact Knightsbridge Place to Write Your Legal Will Today
At Knightsbridge, we’re experts at navigating the complexities of estate planning. We work hard to make the will-writing process as easy and straightforward as possible. We’ll help you draft a last will and testament that protects your loved ones and preserves your own wishes.
We can provide you with will-writing services through our worldwide partners. For added security, we may also be able to assist with will writing in your current country of residence. When you have assets abroad, then it’s possible that an entirely different set of intestacy rules may apply to a portion of your estate, making it all the more important to speak to an expert.
Contact Knightsbridge Place today to ensure that your legacy lives on and that those dearest to you receive the level of support you desire for them.