Nearly 60% of UK adults do not have a valid Will.
If you die without a valid Will in place your estate passes in accordance with the intestacy rules.
So why should you make a Will?
The main reason to make a Will is to ensure that your estate passes in accordance with your wishes.
When you make a Will you decide who benefits from your estate (your beneficiaries) and who is responsible for dealing with your estate (your executors).
Your Will provides the opportunity for you to indicate who you would want to look after your children if they are under 18 when you die (guardians) and for you to say what your funeral wishes are.
If you are not married to your partner they wouldn’t receive anything under the intestacy laws so making a Will is very important to ensure that they benefit from your estate.
If you have remarried and have children from a previous relationship you can create trusts in your Will which ensure that your current spouse can benefit from your estate after your death but that after their death your estate passes to your children. You can also use trusts to leave money to individuals who you may wish to benefit from your estate but whom you wouldn’t want to have control of the money, for example the young or vulnerable.
As part of the Will writing process there can also be opportunities to save Inheritance Tax.
Just remember it is never too early, but it could be too late. Book an appointment with us now by calling 01733 568331.