We know that many people put off making Will as it feels morbid to them, but making a Will is not about planning for death. It is about securing peace of mind for many years to come knowing that your affairs are in order. Some clients renew their Wills annually to ensure that they are up to date and for them it is just like renewing their car insurance. But why should you make a Will?
- Children: If you have children then you have a responsibility to care for them, and that includes deciding who you would like to care for them should anything happen to you. We advise all clients with children to make a Will, even if this only states who they would like to stand as guardian. Those with children don’t need to read the other 9 points; it really is that simple. You need to make a Will.
- Personal choice: You can make arrangements for your family or dependants, gift personal assets to the right person, make gifts to your favourite charity or other deserving causes, and even plan for your pets
- Who do you trust: You can make sure that only the most capable and trusted of people administer your estate and carry out your wishes. This could be your spouse or partner, your solicitor or whoever else you trust.
- Tax Planning: Not just seeking to reduce inheritance tax, but also in considering who should pay the tax so as to prevent important family assets having to be sold to fund payment.
- Avoid Intestacy: The Intestacy Rules are avoided, which would set out who should inherit your assets (and it’s not always who you might think would inherit!)
- Co-habitees: If you have been living with someone to whom you are not married, they would not have an automatic right to inherit any of your property unless you make a Will or hold the property jointly.
- Clear wishes: with intestacy there are emotional difficulties for families as the rules set out values that pass but do not always take account of any sentimental attachment to specific items. Save the disagreements in the future by making your wishes clear.
- Vulnerable Beneficiaries: It is also possible when making your Will to provide a Trust for more vulnerable beneficiaries to protect them in the future.
- Age of inheritance: By making a Will you can decide at which age your children should inherit potentially large sums of money.
- Peace of mind: You can set out any funeral requests, attach Letters of Wishes to guide your Executors, your online banking passwords that would otherwise be hard to find, even include a recorded message for your loved ones… and then you can forget all about it knowing that if anything happens to you your wishes will be carried out.
Making a Will is not expensive and is probably the best investment you can make to safeguard your family’s future. If you would like any more advice or to arrange a consultation please contact us here.