Why do I need a Will?
This is a question that we are often asked. Below is a list of some of the main reasons why making a will makes financial sense for you and your family.
You choose who will inherit your assets, including personal possessions.
If you have not written a Will then your assets may not go to who you would choose, and in some cases those assets may even go to the state. This 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 as they may not be protected.
You may also have personal possessions which you would like passing on to a specific person.
Avoid family disputes.
If you want to guarantee a family dispute, don’t leave a will. The best advice is to leave clear and unambiguous instructions in a Will as to who should receive what.
Arrange guardians for your children.
If you have children under 18 years of age, you can specify who you would like to bring them up if you were to die. If you do not state this then you would have no say in who your children live with and this would be decided by the courts.
Minimise your Inheritance Tax liability
Due to recent house price inflation, many people now reach the qualifying threshold for paying Inheritance Tax at the current rate of 40% of your assets. Advance planning can reduce or eliminate your liability to this, ensuring more of your assets go to those you wish.
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.
Nominate an Executor to deal with winding up your estate.
You can choose who you would like to deal with this often complex process of 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, unwilling or unable to do it.
Protect your partner if you are not married.
If you are living with someone but are not married to them, it is critical 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.
Specify your specific funeral wishes.
Make donations to charities.
Contact us for a quotation - You may be surprised at how little a professionally written Will costs!
