Why Draft a Will
Do not leave your family members with a headache, leave them with clear instructions as to your wishes in a professionally drafted will.
If you die without having made a valid will, you are deemed to have died intestate – this means your dependants will be relying on legislation dating back to 1925.
Even if court battles and family arguments can be avoided after your death, dying without a will in place will undoubtedly result in delays distributing your assets, the taxman will almost certainly take a bigger cut and there is no guarantee that those you wish to benefit, will actually receive the monies you had intended. By making a will you will be able to safeguard your assets for your children and grandchildren by formalising your wishes. You will also ensure that your tax liabilities are minimised.
If you are not married, or in a civil partnership, your partner is not legally entitled to anything when you die.
If you are married or separated, your husband or wife may inherit most, or all of your estate, and your children might end up empty-handed.
By making a will, you can ensure that those you wish to help, will be helped…
Making a will means you can appoint an executor in advance, someone you trust to carry out your wishes.
You will be able to safeguard your assets for your children & grandchildren by formalising your wishes. You will also ensure that your inheritance tax liabilities are minimised.
Under The Rules Of Intestacy
- Your children may not inherit your estate, or they might inherit everything at once, resulting in a large and potentially unnecessary Inheritance Tax bill.
- If you die without having appointed executors, the law decides who will administer your estate.
- Minor children can be made wards of court and put into care by social services whilst the court decides who looks after them.
A correctly drafted will not only ensures your beneficiaries receive what you would like them to, but will also reduce your IHT liabilities and undoubtedly save time & money.
By writing a will….
- You choose who will benefit from your estate, how much you would like them to receive and when.
- Minimise your Inheritance Tax Liabilities.
- Save your family time and money as it is far quicker (and cheaper) to administer an estate where there is a will.
- Ensure that your surviving spouse is correctly provided for. It is a common misconception that husbands & wives (or civil partners) inherit everything. This is not the case, if you die without a will the rules of intestacy dictate how much your spouse is entitled to.
- Unmarried partners.. If you have not made a will, your partner is not entitled to anything from your estate.
- Prevent certain family members from benefiting from your estate. This can only be achieved by having a will.
- Appoint people you trust who appreciate the complexity of your affairs and can unwind them in the most effective manner.