Many people think they are too young to make a Will, or not rich enough. Some just haven’t got round to it. Contrary to what many people think, making a Will is important to everyone. Here are five good reasons to make your Will.
1. Your Will appoints Executors, who are entrusted by you to administer your estate after you die. If you die without a Will Executors will need to be appointed through a court process and in many cases an insurance premium has to be paid. That in itself will cost your family more than the cost of making your Will now.
2. The people you want to benefit can be provided for. Without your direction on this the law takes over and your Executors have no option but to pass on your assets according to that. If you are in a second marriage, have stepchildren or are a cohabitant you may find this information of particular interest.
3. You can get advice on the legal rights which may apply. Your spouse and children have certain rights even if you make a Will (and others if you don’t) so it is important you understand how these apply and the sort of assets which will be affected. That way you can decide if you want to change the mix of assets you currently have.
4. You may be able to save your family some inheritance tax through setting up your Will in a certain way. Your estate may not be facing a tax bill – and you may not be concerned even if it is – but, like everything else in life, it’s good to know the facts.
5. It is not as difficult as you may think. Generally speaking – of course there are exceptions - we have a meeting for about an hour so that we can understand your personal circumstances and then the Will is prepared for you to check and sign. An hour well spent! For more information please visit the Wills page or contact one of our experts.