If you’re in any doubt or keep putting off your plans to make a Will, here are 10 reasons why you shouldn’t delay any longer.
- Security – Nothing can beat the feeling of relief knowing that your loved ones will be financially secure after your death. In your Will you can leave your assets to those you feel would benefit most from them. If you do not have a Will, intestacy rules apply and these may not reflect your wishes.
- Prevent family feuds – If you do not leave clear instructions after your death, then rifts may occur between your family members. This can be the result of one or more parties feeling that they are more entitled than others to certain assets. In writing your Will, we can help you prepare a Letter of Wishes so you can explain the choices you made when distributing your assets. We can also identify any potential issues with you and try to find a solution within the drafting of your Will.
- You are unmarried – If you are unmarried but have a partner who you would wish to inherit in the event of your death, then you really must make a Will. There is no automatic transfer of assets between co-habiting partners under the intestacy rules as unmarried “common law” spouses are not recognised.
- Guardians for your children – If you have children who would need care after your death then it is very important you make a Will. Your Will can stipulate who is to be a guardian of your children in the event of your death and gives you the security of choosing the right person.
- Separated but not divorced – If you are separated but not legally divorced (or judicially separated) your assets could pass back to your ex-partner unless you have a Will in place directing the assets to other beneficiaries. If you have a financial settlement, it may be necessary to factor this into the Will to prevent a later claim.
- Skip a generation – It might be the case that your children are financially secure and you want your Will to benefit your grandchildren. A Will can be set up so that it skips a generation – ensuring your grandchildren’s future financial security.
- Your estate is complex – If your estate or family circumstances are complicated, it may be appropriate for your Will to incorporate some form of trust. If you own business assets, have children from a previous relationship or vulnerable beneficiaries, we can talk you through the different types of trusts and the benefits. There may also be inheritance tax advantages.
- Sentimental items – If you have items of great sentimental value, you may wish to stipulate in your Will who should have what. This ensures the items will be given to the people you most want to have them and who will appreciate them. It can help to prevent arguments between family members about such items and safeguard the sentimental value for years to come.
- Charity – A Will can be set up so that your estate is donated to charity if you have an organisation or support group close to your heart which you would like to leave something to. In addition, an estate can pay inheritance tax at a reduced rate of 36% (instead of 40%) if 10% or more of the net estate has been left to charity.This needs to be carefully drafted within your Will to qualify for the relief.
- Name an executor– You can name an executor in your Will, who will be in charge of carrying out your final wishes. If you don’t, you won’t have control over who will be the administrator of your estate.
B P Collins’ private client lawyers can provide you with bespoke advice to meet your requirements both now and in the years to come. To speak with a member of the team, call 01753 889995 or email privateclient@bpcollins.co.uk
