Why Make A Will?
The continuing complexity of modern living has made Wills and Estate Planning more important than ever before.
Divorces, Civil partnerships and second marriages are all too common and consequently your estate should be protected to ensure it gets to your loved ones when its their turn to inherit.
Estate valuations are often larger than expected, due mainly to increasing house prices and decreasing mortgages. The looming threat of potential inheritance tax liabilities, nursing home care fees, loss of right to occupy and the possibility of children not inheriting at all, make having a legally competent and enforceable Will increasingly important.
Some crucial considerations are…
To Distribute Your Estate In Keeping With Your Wishes
This is where you choose where your estate is to go and who will be responsible for ensuring your wishes are carried out. This ensures that everything you own at the time of death, including property, savings, car and jewellery will be disbursed in keeping with your wishes.
The Naming Of Executors
These are the people who will look after the financial process of closing down your estate and disbursing the proceeds in accordance with your Will when you come to pass.
It’s important to choose an executor(s) who you would consider to be responsible and trustworthy – often a friend or relative, remembering they would need to think clearly during a troubled time. They are also the people who will sort out any finances – such as paying off your mortgage and other debts as well as using the assets within your estate to settle any taxes.
If you have a small business, who can make decisions on your behalf? Who can authorise payments to any creditors or staff? Without the right estate plan in place your business could well be in jeopardy.
To Appoint Legal Guardians For Your Children
Should you have children under the age of 18 it is important to name who you would like to look after them in the event of you dying whilst they are still aged under 18. If you die intestate, i.e. without a Will, the State will decide what is best for your children and nominate who looks after them.
To Mitigate The Effects of Inheritance Tax
If you die intestate (without a valid Will) there are strict laws about to whom and how your estate is distributed, these are the Laws of Intestacy.
This causes two problems – in the first instance your assets may not go where you want – and secondly it’s likely to be inefficient for inheritance tax purposes. By making a robust and competent Will you can ensure that all or part of your estate goes to the people you care for most and not end up in the coffers of the state.
To Cover Care Home Costs
If you make the correct arrangements in your Will to look after your property you could reduce your exposure to care home costs.
Quite simply everyone over the age of 18 should have a valid Will. If you don’t have one, are concerned your existing Will may not be valid or would simply like your current Will reviewed please contact us today to arrange a consultation in the comfort of your own home with one of our professional Will Writers and Estate Planners.