Writing a Will is a very important and personal act that ensures your estate passes to those who you would wish to benefit. It also provides guidance to your relatives and friends who are left to administer your estate, who can be confident in the knowledge that they have distributed your estate in accordance with your wishes.
WHY DO I NEED A WILL?
Without a Will you would die ‘intestate’ and the Government will impose the Rules of Intestacy to distribute your estate. It is likely that this may not be as you would have wished. If you have an unmarried partner unless you make provision in your Will he /she will only receive jointly held assets with the rest being distributed according to the Rules of Intestacy.
If you have children under the age of 18 it is important that you have a Will in place that makes provision for the guardianship of your children. It probably goes without saying, that where possible you would like your children to receive the same financial support after your death that they would have received during your life.
Also, children can inherit at 18 years of age, would you consider your child able to manage their inheritance at this age or would you rather that this be managed for them by Trustees of your choice until they receive it at age 25. See Trusts.
Second or subsequent marriage is also a very good reason to re visit your Will. If you have children from an earlier marriage you may want to ensure that their interests are protected in the event of any subsequent marriage.
Grandparents can bypass their children and include their grandchildren as beneficiaries. This may be effective IHT planning if the parents do not have need of the capital and already have a potential IHT liability.
The above are only a few illustrations of why making a Will is important. Contact us for more information.