Why do I need a Will?
A Will allows you to protect those that you care about, minimise upset for those you leave behind and control where your assets go.
Nearly 60% of the population do not have a Will and this can be for a number of reasons: they do not want to think about dying, they simply have not got around to it or they believe that their spouse will simply inherit all so one is not needed.
We now live in an age where pandemics exist and may increase in frequency, where families are more complicated and our assets may not be all in one country. Our lives are more complicated and are becoming increasingly so.
If we die without a Will, the law dictates who gets what and how. This often results in assets going to people that you do not want them to go to; family arguments which could be over who should have custody of children; and paying more inheritance tax.
What should be included in my Will?
- Funeral wishes
- Executors – who do you want to administer your estate?
- Guardians – who do you want your children to live with?
- Personal belongings – do you have pets or items you want to leave to someone specifically?
- Cash Gifts – so you want to leave a set amount of money to anyone or charity?
- Estate – where do you want everything else to go? It may be that your children are young or you are worried about your assets going to a new family or in care costs. You may want to look at reducing your inheritance tax bill.
All of your requirements and concerns should be covered in the Will and you should be advised on every aspect.
When should I make a Will?
My advice is everyone should have a Will, so there is no time like the present!
When should I review my Will?
You should review your Will every 3 years or when your circumstances change, such as:
- If you get married or enter into a civil partnership;
- If you start to live with someone;
- If you have children or are pregnant;
- If you are getting divorced; or
- If you change your mind on who should inherit or what you want them to have.
If you would like assistance with preparing suitable Wills or administering an Estate please contact our Wills, Trusts and Probate team on 01733 882800 or email [email protected].
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