Why make a Will?
There are many reason to make a will, here are five good ones:
The Modern Family
It‘s not pleasant thinking about what happens when we’re no longer here, but it is kind. Writing your will is one of the kindest things you can do for your family. Dying without a will means ‘intestacy’ arises, which means the law decides what happens to your assets. Intestacy rules don’t match the modern family structure or take into account your very personal circumstances.
So, if you want to ensure your children, step-children, a partner that you live with, or any other important person in your life is provided for, it’s vital you make a will. Writing your will means you control what happens. You can even include your funeral wishes; if you want to be buried or cremated.
If you have children, it’s important to think about who would raise them if you died. In your will, you can name someone of your choice to be the guardian of any children under the age of 18 at the time of your death. If you don’t, there is a possibility they will be raised by someone you would not have chosen.
Writing your will naturally means planning for the future. If you don’t take advice, you may not realise the possible implications for your children further down the line. The use of a trust within your will could be used to avoid creating an Inheritance Tax problem for future generations.
Protecting your family home
You’ve worked hard to own your family home and for many people, this is the main asset left behind. Using a trust in your will can help protect against future care home fees and remarriage. Ring fencing part of your assets, so that your children’s inheritance is protected, can be achieved by making the right will.
It’s not as difficult you think!
You might think of it as tempting fate to write your will, but really, the opposite is true. Without a will you are leaving your assets and your family open to situations and costs that you would never have imagined and certainly never wanted.
Our Wills team will be happy to guide you through everything you need to plan for your future. Simply give us a call on 01543 420 000 and ask for one of our Private Client Team.
Catherine Elliott, Helen Jolly, Helen Phillips, and Lisa Edge are all on hand to help you.