Make a Will before it`s too late - Key reasons why making a Will is vital.
Posted on November 23rd 2016It`s a worrying fact that only 1 in 3 of us have made a valid Will. Only by making a Will can you be absolutely certain that your affairs will be dealt with as you would wish. That is especially important if you have property or other valuable assets, and even more so if you have dependent children.
Most people assume that everything will automatically go to their partner or next of kin but that is unlikely to happen especially if you have children or are not married. It is therefore important to make a valid Will.
Here are just a few of the key reasons why you should make a Will :
FOR UNMARRIED COUPLES
If you want your partner to inherit your property, the only way is to make a Will. If you are not married or in a Civil Partnership and do not have a Will, then your estate will pass according to the intestacy rules which set out which relatives will inherit your estate. Similarly, if you are separated but not divorced your spouse could still benefit unless you remake your Will.
A GUARDIAN FOR YOUR CHILDREN
If you have children under the age of 18, you can name a legal guardian(s) for them in your Will. Unless you name a guardian in your Will, the position will be open to doubt and Social Services could decide.
YOU CHOOSE WHO INHERITS YOUR ESTATE
Without a Will, your estate may end up passing to the wrong person(s) or even the State. Only by making a Will, can you ensure that your estate passes to your chosen beneficiaries in the event of your death. With a valid Will, you can also make provision for the circumstances where your named beneficiaries may have predeceased or perhaps where there are beneficiaries under the age of 18. Importantly, by making a Will you can chose the person or persons who you would like to be the Executors - that is the person(s) who you would like to deal with and administer your estate. If you do not have a Will, then the wrong person may end up dealing with your affairs after your death.
INHERITANCE TAX AND NURSING CARE COSTS
Most people underestimate the value of their assets. If you own a property or have life insurance and savings, what you leave behind could mean an Inheritance Tax liability (death duties) for you or your partner. A Will can help to minimise the tax burden for your beneficiaries. By making a Will, you can also reduce the amount that your surviving spouse or partner will pay should they need nursing or residential care in the future - leaving more for your chosen beneficiaries.
YOUR FUNERAL WISHES
Without a Will there is often confusion as to exactly what arrangements someone wants at their funeral. In your Will, you can clearly specify what funeral wishes you may have.
A Will is therefore a very important document that should be drawn up and prepared correctly. As set out above, failing to make a Will can lead to serious problems.
If you would like any further advice on the above, please contact James Rousell on 01384 371622 or email j.rousell@wjclaw.co.uk
Please also read our Information Leaflet on Wills by clicking here