Where There’s A Will
It is easy to put off making a Will as people do not like to think about death.
Common misconceptions include a belief that what you own will automatically pass to your spouse/partner or to your children.
So why make a Will?
To avoid the Intestacy Rules
If you die without a Will the Intestacy rules determine who will benefit from your estate. These rules often produce unexpected results that do not reflect your true wishes or properly provide for your family.
To choose your beneficiaries
You can choose how best to distribute your estate to your beneficiaries to reflect your wishes and provide for your family. If you want to leave something to friends or to charity you can only do so in a Will. You can also decide the age at which your beneficiaries should inherit.
To provide for more complicated family arrangements
Wills can be used to provide flexible and practical solutions for more complicated family circumstances. For example where there is a second marriage or relationship or children from a previous relationship or stepchildren.
A Will can provide for a second spouse whilst protecting capital for the children of an earlier marriage or relationship.
An ever aging population means that more and more family homes are sold each year to fund the cost of residential care. A carefully drafted Will can provide that the family home (or a share of it) passes into a trust to allow the survivor to occupy it whilst at the same time ensuring that the capital is protected from residential care home fees and is available for your intended beneficiaries. These arrangements can allow the survivor to ‚Äòdownsize‚Äô or move home. A trust can also be used to protect assets in case your beneficiaries should suffer financial or matrimonial difficulties in the future or if you have any vulnerable or disabled beneficiaries.
Estate and tax planning
A Will can be used for long term estate planning to reduce the burden of inheritance tax on future generations. If you have a business or agricultural property a Will is essential to ensure that the favourable tax reliefs are properly utilised.
Peace of mind
A Will can deal with many other issues such as setting out your funeral wishes or the arrangements for the care of a pet. Once you have made a Will you can be reassured that all important issues have been addressed.
Your Will is an important document and should be prepared by a qualified and insured professional, such as a solicitor, who can advise you fully on all issues.
For more information on making a Will please call us on 01227 813400 and speak to a member of our Private Client Department.