Wills

Writing a Will is the most important thing that we can do to ensure that our assets are distributed to those who we would wish to inherit.

Sadly, it is also one of those things that is put off time and time again until unfortunately for some, it is too late.

Often people delay making a Will believing that they are too young, perhaps they think that they do not have any large assets worth making a Will, or they may believe that those they wish to inherit will benefit automatically after death anyway.

These are all false perceptions.

The impact of not making a Will on loved ones after we pass away can be devastating. It can mean your loved ones face more heartache at an already difficult time.

Potentially your assets could go to those whom you would not wish to benefit from your death, and those that you do lose out.

Who needs to make a Will?

The answer is, everyone. All those who may have dependent relatives, for example children, elderly relatives, relatives with a disability or additional needs. All those who own property or any assets which you would like to pass on to family, friends, or charities.

Many people believe that their assets would pass to those closest to them anyway, however this is a common misconception with strict rules governing this area.

Intestacy laws are the rules which are set out when someone dies without having made a Will.

These laws are inflexible and you may be surprised to learn who would actually benefit if you passed away without having made a Will.

Why should I make a Will?

Making a Will ensures that:

• Your assets will go to those whom you choose, not whom the state decides.
• Your loved ones do not have the additional stress of dealing with an intestate estate which is often time-consuming and complex. 
• If you have dependent children or other dependents then you can set out who you would choose to be their guardians should you pass away.
• Clear direction from you means that family disagreements are also kept to a minimum.

Inheritance tax is another reason why you should consider talking to a professional for advice.

If you have written a Will, please don’t think that it is guaranteed to suit you for the rest of your life. It is recommended that you should review your Will every 5 years. Often other events trigger the need for review within this time. The below lists examples of such events, but is by no means exhaustive:

• Marriage or civil partnership
• Divorce or separation
• Co-habitation
• Birth of a child or grandchild
• Changes in family dynamics/relationships
• Mental health of anyone included in your documents
• Addictions
• Purchase of a property
• Starting or purchasing a business
• Bankruptcy
• Deaths

Our members will be able to give advice and recommendations regarding your specific circumstances and produce a Will based on your wishes across the UK. Please don’t delay, contact one of or members today!