Have you ever asked yourself “do I really need a Will?”
If so, you’ve come to the right place. Below we have listed our Top 10 reasons you should write your Will to help you decide.
It is estimated 7 out of 10 people do not have a Will in place yet they can relate to at least one of our Top 10 reasons…
If you have children under the age of 18 it is vitally important you write a Will and appoint Guardians of your choice. Without the appointment of Guardians, a Court will decide who is best placed to care for your children if there is no surviving adult with parental responsibility.
Disputes often arise in the wake of a loved one’s death. A Will is a clear and binding expression of your wishes. We also keep detailed attendance notes of all discussions surrounding your Wills which can be used as evidence in Court as to the reasons behind your choices.
Protect Your Estate for Your Children
Whether you are concerned about your spouse remarrying in the future or your estate being depleted by care fees, the appropriate use of Trusts in your Wills can help protect as much of your estate as possible for your children.
Living With Your Partner
If you live with your partner but are not married or in a Civil Partnership you should consider what would happen to your home in the event of your death. Your Will can help you make adequate provisions for your partner to help reduce the impact your passing will have on them financially.
If you own anything of sentimental value that you would want to pass to a specific person you should write your Will and include details of these gifts. If you are unsure what to give to whom, you may wish to consider leaving your personal effects to your Executors to distribute in accordance with any of your wishes which come to their attention.
Gifts to Charity
You can include gifts to charities in your Will. All gifts to charity are Inheritance Tax exempt and, if you leave enough of your estate to charity, the remainder of your estate could benefit from a reduced rate of Inheritance Tax (36% instead of 40%).
Part of the process of writing your Will involves discussing your assets and liabilities. We help you to understand your current tax position and highlight ways you might be able to reduce any Inheritance Tax liability you may have in the future.
It is a common misconception that if a married person passes away their entire estate passes to the surviving spouse. The only way to ensure your estate passes in accordance with your wishes is to write a Will.
You Want to Exclude Someone
If you do not want a particular person to inherit from your estate then you should write a Will. There is no way to prevent a person making a claim against your estate, but our specialist knowledge and practical advice can help reduce the chances of that person’s claim being successful.
Skipping a Generation
If your children are financially secure and you instead want to leave your estate to your grandchildren to help them, for example, with university fees or with buying a house, then it is imperative you write a Will.