Why should I make a Will?
|By failing to put this fundamental document in place
around 70% of the population end up spending all their
lives accumulating wealth (via work, buying houses,
investing, saving) only to potentially let it go to the wrong
people, or even the taxman.
a Will is one way of ensuring that your hard earned assets pass
to the right people when you die. A Will drafted by a professional
Will also ensure that your estate will be dealt with as tax-efficently
Will does not have to be difficult and we can arrange to visit you
at your home, your work or at our office just to make things easier.
has guidelines, which deal with disposal of Estates (worth over £5000) where the person involved dies without a Will (called laws of intestacy).
|If you are a
single person... you may want your estate divided amongst friends,
relatives and charities of your choosing and in the proportions you
you are a single person with no blood relatives....If you die
without having any surviving parents, brothers, sisters or other
relatives, your entire Estate (house, savings, investments etc)
is dismantled and paid to the government. Close friends and
charities would inherit nothing unless you have a correctly
drafted Will in place, outlining your wishes in detail.
|If you are a
married couple with children... please don't assume "my other half will
get everything". Brothers and sisters or parents may have a claim.
Often your children have a right to part of your estate. Currently,
if you have no Will, your spouse receives £125,000, your personal
effects, plus the interest from the balance of the estate until death:
the remaining half of the balance passes to your children (the other
half defaults to them on death of the surviving spouse)... a Will
is the only legal way you can appoint guardians for your children.
If you don't have one, the courts will decide who looks after them
(until they reach 18). A Will also allows you to protect any inheritance
until they grow up.
|If you are married
without children... please don't assume that everything will pass to your
surviving spouse: you might be in for a shock. Although they will
inherit the vast majority of your estate (currently £200,000
your personal effects and half of the balance of the Estate) a comparatively
large amount (the remaining half of the balance of your Estate) can
also be passed to your parents, brothers or sisters, under the laws of intestacy.
you are an unmarried couple living together... In this case
your surviving partner will not automatically inherit your assets
- even if you have children together. A Will is the only way
to ensure the automatic inheritance rights exist between unmarried
|If you are retired... Maybe you made a Will a long time ago. It probably needs updating
to include maybe additional grandchildren or deletion of persons you
no longer feel you wish to leave anything to.
|If you have a
business... have you given consideration to what will happen after
your death? In the case of some partnerships and Limited companies,
the ownership can only pass in accordance with either the Partnership
Agreement or Articles of Association.
|If you have children
from a previous marriage... you can ensure that they are dealt with
|If you want to
reduce your Inheritance tax liability (IHT) Please see our IHT section.
|A Will also saves
your loved ones time and money, and is the only way to ensure those who are dear to you are remembered appropriately from your estate.