Many people assume that their money will automatically pass on to the people they want it to go to, but that is not always the case. Some people think that they are too young to make a Will and some just haven’t got round to it.
No matter how large or small your estate is, you should stipulate who you would like your assets to go to in a Will to guarantee your family and/or executors pass them on as you intend.
Here are some of the reasons why you should make a Will:
- Whether it is expected or unexpected, you will die. By planning ahead and having a Will in place you can ensure that you, your family and your assets are protected.
- 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 may cost your family more than the cost of making your Will now.
- 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 as reliance on the law of intestacy may give rise to unintended consequences.
- 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.
- You may have particular items you want to bequeath and, if you may be survived by your animals or pets, you really should think about who would be willing and able to take them on.
- You can be charitable! Leaving legacies to charity is a good way of acknowledging help you or a family member may have received during your lifetime and it is a valuable source of income for the charity. Plus it can have tax benefits if your estate is liable to Inheritance Tax.
- Many people think they are too young to make a Will. Some people think they are not rich enough. Some just haven’t got round to it. Contrary to what many people think, making a Will is important - everyone should consider making a Will, whether they are young or old, married or single.
- 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 Wills are for everyone: - young, old, married, single, cohabiting, with or without children.
- It's 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!
If you would like advice or to speak to a member of our Private Client team about making a Will, please get in touch.
