Why do I need a will?
We spend our lives working to provide for ourselves and our loved ones. You may have a house or flat (in the UK or overseas), shares, savings, investments as well as your personal possessions. All of these assets are your ‘estate’. Making a will ensures that when you die your estate is shared according to your wishes.
Everyone should have a will, but it is even more important if you have children, you own property or have savings, investments, insurance policies or you own a business.
Some points to consider:-
- A Will is the only way to make sure your savings and possessions (your estate) to go the people and causes that you care about.
- Disputes over wills can cause arguments among family members and may even need a solicitor to resolve them. Leaving a will should remove any doubt about who you want to leave your estate to. Close relatives and dependants may still be able to make a claim on your estate, but a solicitor can advise you on how likely this is and the best way to prevent it.
- Although it’s hard for loved ones to talk about death, talking about your will can save everyone a lot of worry. Deciding who you want to leave your possessions to (your beneficiaries) can help you make sure they go to the people you intended.
- A will can ensure that assets are kept within the family and are passed on down the generations. Many people are concerned that new spouses or second families will inherit their assets in the future, and a well-structured will can help to prevent this.
- With a carefully-planned will, you can also cut the Inheritance Tax bill on your estate after your death.
For example, Inheritance Tax isn’t normally paid on anything you leave to a spouse or civil partner who has their permanent home in the UK. Inheritance Tax is only payable if your estate is worth more than a certain amount.
- Your will can be a way to let people know whether you would prefer to be buried or cremated, and the type of funeral service and music you would like.
If you would like further advice or assistance in relation to Making a Will, please contact the office on 0191 3787620.