Why should I make a Will?
We are often asked this question. Below are just some of the reasons why everyone should have a Will made.
1. You choose who will inherit your assets, including property and personal possessions.
If you have not made a Will then your assets will not always go to who you would choose, and in some cases may even go to the state.
A Will is particularly important if you have a partner that you are not married to, or if you have remarried and have children from a previous relationship.
Personal possessions. Even if you do not have substantial financial or property assets you may still have important personal possessions which you may wish to leave to particular people.
2. Ensure you avoid family disputes.
Nothing can guarantee a dispute over your assets better than not leaving a Will. The best advice is to leave clear and unambiguous instructions in a Will as to who should receive what.
3. Make clear your specific funeral wishes.
4. Protect your unmarried partner.
If you are living with someone, but are not married to them, it is crucial that you make a Will to protect them, otherwise they may get nothing. Unmarried partners have very little protection in law and the idea of a ‘common law partner’ has no legal standing.
5. Make donations to charities.
6. Arrange guardians for your children.
If you have young children you can specify who you would like to bring them up if you die. If you do not state this then you would have no say in who your children live with.
7. Minimise your Inheritance Tax liability
Due to house price inflation, many people now reach the qualifying criteria for paying Inheritance Tax at the current rate of 40% of your assets. Advance planning can reduce or eliminate your estate’s liability for this, ensuring more of your assets go to those you wish.
8. Set up Trusts for family members.
You may have young family members who you would like to leave something for once they reach a particular age.
9. Nominate an Executor to deal with winding up your estate.
You can choose who you would like to deal with the often complex process and paperwork involved in winding up a deceased estate. In this way you can ensure that the task does not fall to someone who may be unsuited to it.
10. Save money in the long run
All too often incorrectly drafted Wills are found to be invalid or at best ineffective.
This can lead to your estate being treated as if you had never made a Will.
You may think that you are saving money by preparing your Will yourself, however drafting a valid Will is more complex than it first appears.
By saving a few pounds today, your estate could end up having to pay large bills for professionals to solve the problems created by incorrectly drafted homemade Wills. This in turn reduces the amount which your beneficiaries inherit.
You may be surprised at how little a professionally written Will costs!
Contact us today to begin the process of writing your will.