Why do I need a Will?

This is a question which we are often asked, particularly by people who feel that the size of their estate does not warrant having a professionally written will created.

Below are just a few of the reasons why everyone should make a will, irrespective of the value of their assets.

1. Make clear your specific funeral wishes.

Do you want a religious or humanist ceremony? What type of ceremony would you like?

2. Arrange guardians for your children.

If you have young children 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.

3. Choose who will inherit your assets, including property and personal possessions.

If you have not made a Will then your assets may not go to who you would choose, and in some cases may even go to the crown. This is particularly important if you have a partner that you are not married to, or if you are remarried and have children from a previous relationship.

You may have valued personal possessions which you would like passing on to a specific person.

4. Ensure you avoid family disputes.

Nothing can guarantee a dispute over your assets better than not leaving a Will. Most people think that their family will not fall out over money, but in many cases they do. The best advice is to leave clear and unambiguous instructions in a Will as to who should receive what.

5. Protect your unmarried partner.

If you are living with someone but are not married to him or her, it is critical that you make a Will to protect them, otherwise they may receive nothing.

Unmarried partners have very little protection in law and the idea of a ‘common law partner’ has no legal standing.

6. Make donations to your favourite charities.

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 liability to 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.

Please contact us for a consultation.