Death is inevitably a difficult and emotional time for those you leave behind. You have a duty to ensure that additional stress and worry are not added to the natural grief of your loved ones. A Will drawn up by a Solicitor will go a long way in avoiding this.
Giving Your Property To Who You Want
If you care about who benefits from your property after your death you need a Will. Most married people assume that all their assets will pass to their spouse. This is not always the case. Inheritance law does not recognise live-in partners even if you’ve lived together for many years. Your partner gets nothing if you haven’t made a Will unless your property was put in joint names before you died. If you don’t make a Will you will die intestate and intestacy law will determine who gets what from your assets. Your friends, your favourite charities, even some relatives may get nothing.
Appoint your own Executors
Executors play an important role so choose carefully who will carry out the administration of your estate. A good combination is to have one professional and one personal executor, your Solicitor plus a friend or family member who knows you well.
Appoint your own Guardians
Your Will can be used to appoint persons to look after your children if they are under the age of eighteen years. If you do not do this then the care of your children could be the subject of dispute. At worst your children could end up in the care of the Local Authority.
Avoid Tax at the rate of 40%
The State taxes what you leave your relatives and friends in your Will. If the value of your estate exceeds the tax threshold it will be liable to tax at 40% in the excess. Planning in advance in your Will in certain circumstances may save or extinguish Inheritance Tax.
These are some of the reasons why you should make a Will. There are many others. Many believe it will hasten the inevitable. We can assure you that making a Will never killed anyone. We have considerable expertise in will drafting and offer a friendly efficient service. Having a professionally drawn Will may save money later. In short, there are no good reasons why everyone should not make a Will today.
Don’t put off making a will because you think you have nothing to leave. You should make a will to ensure that your estate is administered by someone you trust and is inherited by the right beneficiaries.