Who Needs a Will?
If you die without leaving a will then the government writes a Will for you. Your possessions are then distributed according to the ‘Laws of Intestacy’. These laws were written nearly 100 years ago and are not compatible with the modern world. Increased property values mean that, in the majority of cases, there will be problems if a Will has not been made.
Most people assume that all their possessions will automatically pass to their spouse / partner, or other members of their family. Often this is not the case and many families face immediate financial hardship, simply because no Will had been written.
Would you want your partner or family to face unnecessary extra difficulties at a time of great distress? Would you want the government to decide who gets your property and possessions, and who gets custody of your children?
If you are married, have children, are co-habiting, have specific wishes for your funeral, want to leave specific gifts, have a house, or a pension, then there are reasons why you should make a Will. The majority of people fall into one of these categories.
Protect your Spouse or Partner
The outdated Laws of Intestacy mean that if the value of your assets exceeds £250,000, your spouse will NOT automatically inherit your wealth and may have to share it with your relatives. The average house value is in excess of this figure, so anyone with property could be affected. If you are unmarried your partner is likely to receive nothing unless you make a will.
Appoint Guardians for your Children
Appointing a guardian ensures that your child is looked after by a person that you trust and who you know will care for them. If you do not appoint a guardian, upon your death the courts will appoint one, and it may not be a person you would have chosen yourself. Your
child may have to move home or change school, losing their friends and stability, if you do not plan their future carefully for them. It is important to note that unless the mother appoints him in her will, an unmarried father will not automatically become the guardian of his own natural child, even if they are living together.
Reduce Inheritance Tax
Recent rises in property values mean that the majority of estates are now liable to Inheritance Tax (IHT). A properly drafted Will, creating appropriate Trusts, can significantly reduce the IHT bill and in many instances eradicate it completely.
Protect Your Property
Many people are concerned that the value of their property may be seized by the local authority, should they require short or long term residential care. Our Property Trust is designed to protect half of the property value so that it eventually passes to your family, not the government.
Decide "Who Gets What"
A Will is a documented record of your wishes. It explains how you want your property, possessions and money to be distributed and in what proportions. You appoint Executors who ensure your instructions are carried out. This avoids possible disagreements between family members and relatives. It also enables you to exclude specific people who would otherwise benefit, or to leave money to a favourite charity.
State Your Wishes and Funeral Plans
If you wish to donate your organs to help others when you die, or you have specific wishes regarding burial or cremation, then these need to be documented in a Will. If you have plans for your funeral or favoured hymns, then expressing your wishes in your Will is the only way you can be sure they will are honoured.