If you’ve ever wondered if you really need a Will, you’ve come to the right place. Despite the fact that most people can relate to at least one of the reasons below, it is estimated that 54% of people have not written a Will. This list will help you decide whether you need a Will, and maybe rethink that question.
- Appointing Guardians:
If you have children under the age of 18, writing a Will is paramount, as well as appointing Guardians of your choice. Although the court will try their utmost to assign a guardian to your children should you pass away and leave no surviving responsible adult, the decision is not yours and may not be what you believe is right.
- Avoiding Arguments:
When a loved one passes, arguments can naturally arise. The best way to avoid these is to have a binding legal document which functions as a physical expression of your wishes. We also keep discussions surrounding the choices behind your Will and the distribution of your Estate documented, to further prevent argument and misunderstanding to ensure a definitive, stress-free process.
- Protecting your Estate:
Whatever your concerns may be about the result of your Estate, whether that be a spouse remarrying or the result of care fees, the inclusion of Trusts in your Will can ensure the protection of your Estate for your children.
- Protecting your Partner:
In the situation where you live with a partner that you aren’t married to, nor in a Civil Partnership, you may be concerned about what might happen to your home in the event of your death. With a Will, you can make decisions to protect your partner from any financial impact of your passing.
- Gifts to Beneficiaries:
You may wish to distribute any possessions of sentimental value to specific people, and by writing a Will you can ensure that these possessions will reach your beneficiaries. If you are unsure what possessions to give to whom, your Executor can distribute your belongings in accordance with any wishes you may express in the future.
- Gifts to Charity:
You are also able to gift your possessions to charity in your Will, which are exempt from Inheritance Tax. Additionally, if enough of your Estate is left to charity, the rate of Inheritance Tax can be reduced from 40% to 36%.
- Tax Planning:
Involved in writing your Will is a discussion of your assets and liabilities. We can help you understand your current tax position and try to find ways to reduce you Inheritance Tax liability.
- Avoid Intestacy:
Despite the common assumption that without a Will, your entire Estate will be inherited by a surviving spouse if you have one, this is not true. The only way to guarantee the proper distribution of your Estate according to your wishes is with a Will.
- You want to Exclude a Person:
If, in any circumstance, you don’t want a person to inherit part of your Estate, the best way to prevent it is writing a Will. Although there is no way to prevent the person making a claim against your Estate, in writing a Will you can show that your wish is for them to not receive a part of your Estate. Furthermore, with our expertise and specialist advice we can help reduce the likelihood of a successful claim.
- Skipping a Generation:
Often, by the time of your passing, your children can be financially secure by themselves, and instead you may wish to give part of your Estate to your grandchildren, for example to help them in paying for university, a car, or a deposit for a home. This is only possible with a Will.
