Why Property Owners Need a Will

Buying a property is often the single biggest purchase made by a person or couple and the largest asset in a deceased person’s estate.

It is vital that the asset is protected in the event of death or incapacitation or one or more owners. Consider the story of Maureen from whom I received a frantic call for help in writing her Will.

Maureen’s neighbours and close friends of 34 years had been dealt two very sad and awful tragedies; firstly, her friend had died suddenly and secondly, her friend’s partner was being literally ‘kicked out’ of his home of 34 years!

Maureen panicked as she watched the awful consequences of failing to create a Will unfolding in front of her eyes.

Her friend owned a home in her name alone, although her partner of 34 years had contributed each month towards the mortgage payments, utility bills, repair costs, having an extension put on, etc. over this period. They never saw the benefits of marrying. Both were in good health, and in their late 50s.

But, as often happens, the gentleman suddenly became ill, and died a few days later.

At the funeral, the man’s son informed Maureen’s friend that she had six weeks to leave the house or she would be evicted through the courts! Legally, the son was quite within his rights to make such demands. The law states that the children of a deceased parent are entitled to the parent’s assets when no spouse exists and no Will is written stating differently.

If only they had written their Wills! This would have ensured that Maureen’s friend could remain in her beloved home, instead of discovering she had no legal rights to do so. Six weeks after the death of her life’s partner, Maureen’s friend was out of the house, with nothing to show for 34 years of living but a few personal items and a few sticks of furniture.

When I sat down with Maureen, she was visibly shaken and upset by the whole affair. She wanted to ensure that her husband and family were provided for in the event of her death.

WITHOUT A WILL	WITH A WILL
Uncertainty prevails – who should inherit the property? Long delays can occur with the disposal and distribution of the property A near relative, if available and capable, must apply to the local Supreme Court for letters of administration to manage the property and the rest of the estate Family and co-owners may be financially disadvantaged during this lengthy process	The wishes of the deceased property owner are well documented The appointed executor can distribute the estate and, in particular, the property. Right planning in the writing of a Will to dispose of property is the key to the Will makers’ wishes and the security of the beneficiaries and family members.

WITHOUT A WILL

WITH A WILL

Uncertainty prevails – who should inherit the property?
Long delays can occur with the disposal and distribution of the property
A near relative, if available and capable, must apply to the local Supreme Court for letters of administration to manage the property and the rest of the estate

Family and co-owners may be financially disadvantaged during this lengthy process

The wishes of the deceased property owner are well documented
The appointed executor can distribute the estate and, in particular, the property.
Right planning in the writing of a Will to dispose of property is the key to the Will makers’ wishes and the security of the beneficiaries and family members.

In addition, Maureen encouraged her boss to ensure that all of his staff had their Wills in place. Her boss saw the benefits and offered Will Writing as a benefit to his employees the following week.

If you are part of an organisation or a business owner yourself, Willcraft would be delighted to offer your employees the chance to write their Wills by providing this service as a benefit to them through the company benefits programme.

Many employees live with their partners; many are not married; most hold their home mortgages with a partner, rather than holding a joint mortgage. The cost is minimal, and the benefits enormous!

Every property owner needs a Will that determines who are the beneficiaries of your property or share of a property.

Willcraft Estate Planning specialises in helping property owners to ensure the right protection is in place for both their family and personal needs as well as those of their dependants and beneficiaries.