Alongside our prepaid funeral plans, Capital Life provides a free will service that lets you decide what happens to your assets and money when you die. It formalises any decisions you’ve made regarding savings, property, and possessions, and supersedes the legal disposition terms for who gets what when you pass away. If you don’t write a will, then the law generally dictates who inherits what – which can be a massive source of friction between families and loved ones. For example, your partner won’t automatically inherit any of your estate if you aren’t married. This was particularly painful for same-sex couples who were unable to marry in the UK until 2014.
Having a free will written and signed can also ensure that you’re passing on as much as possible to your family and friends. There’re plenty of legitimate ways to reduce the amount of Inheritance Tax you’ll be liable for, but this is very difficult if you don’t put a formal will in place.
Free Will: What Happens if You Don’t Write a Will?
If you don’t write a free will, your next of kin can apply to be an administrator of your estate. This could include a spouse, a civil partner, your children or grandchildren. Multiple next of kin can apply to be an executor in the event of your death, but only four administrators can apply for what’s known as probate. This essentially means the right to settle someone’s estate. There’re numerous caveats and stopping points in this process, and probate applications can take months to clear up. Executors can enter caveats to dispute another executor’s right to probate, costing time and money.
This multi-step process is complicated and can be a huge emotional drain, particularly if family members are forced into conflict over the executive decisions. Unfortunately, this is merely the background to the work that executors must carry out. Once probate has been resolved, executors must then value what you’ve left behind and pay any of your outstanding debts and taxes before the estate can be divided. An executor with a grant of probate essentially holds full responsibility for deciding exactly what goes where when you die.
The Importance of Our Free Will Service
Writing a will can avoid these complexities before they arise, cutting off a massive source of contention and ensuring that your wishes will be carried out faithfully after your death. Nobody can really conceive of how you’d want to freely dispose your money, your home, and any sentimental items that you’ve accrued over the years. So, don’t leave that responsibility to anyone other than yourself. Make sure you write a will, and have it formally witnessed and signed to ensure its legal validity.
At Capital Life Funeral Plans, we offer a free will as part of our prepaid funeral plan service. This allows you to neatly tie off your affairs with dignity and authority. Ensure your partner receives a fair share if you aren’t married. Prepare your estate for Inheritance Tax with legitimate tax reduction methods. Best of all, make sure you’re firm with what you want to avoid leaving behind friction for your family.
Free Wills with Capital Life Funeral Plans
Capital Life Funeral Plans is one of the UK’s pre-eminent funeral planners with a selection of budget and luxury plans suitable for customers with a range of budgets and preferences. Our free will service is ideal for anyone, regardless of how much you’re going to leave behind.
Read more about the complexities of dying without a will: Aretha Franklin’s Legacy and the Importance of Our Free Will Service. Or, if you’d like to talk to us about writing a free will, feel free to call us on 0800 411 8683. Alternatively, you can contact us by filling out a short form and we can take it from there.