Everybody Needs to Make a Will – Don’t Delay

Writing a Will properly allows you to protect your loved ones and gives you peace of mind.

It is important to make a will so that a person can control who they leave their money and property to. It also allows for the choosing of who handles their financial affairs after their death and who looks after any young children they may have if both parents are no longer able to.

A will can legally ensure that your funeral is handled in the way you want and include stipulations about the donation of organs as well as donations to charities of your choice.

Making a will provides the important function of reducing Inheritance tax liability (IHT) which can be crucial when the estate has substantial assets.

If you do not make a will your estate (all assets) will be distributed by the law of intestacy which is very likely to be different to what you want to happen. If a person has no family ‘the Crown’ (Government) instead of the people the client intended to receive benefit can get all the assets.

Real life situations affected by not making a will:

Remarriage:

Property left to a married person after their spouse passes away can after remarriage go the new spouse contrary to the intention of the spouse who has passed away.

Unmarried couples living together

‘Common-law’ partners under the law of intestacy will not get the same as married people. The property without making a will is going to pass to the children of the deceased in the first instance and then the parents. A fight for their inheritance in a court of law.

Further Excellent benefits of making a Will:

• Decide what age children receive their inheritance. Financially recognize children from any previous relationship.
• Include or exclude family members which can only be done through a will.
• Avoid family disputes
• Protect disabled children from losing their benefits
• Ensure family do not have to go through hardship to get their inheritance
• Give your spouse what they deserve and not want the government decides.
• Don’t allow the sale of assets by children so that they can realise their inheritance
• Make sure the taxman does not get tax that could have legally been avoided.
• Stop the bank or a solicitor charging whatever they want to distribute your estate.
• Leave something to people other than family members.