Wills

Why should I make a Will?

Everyone needs a Will, yet only about one-third of the population have a Will, even though making one is a simple process.

By making a Will you ensure that your property and affairs are looked after in the way you wish, and that any specific intentions you have for your home, money or possessions are carried out correctly after your death.

Your Will can also help in Inheritance Tax Planning by ensuring that all available exemptions for Inheritance Tax are used. Our guide to Inheritance Tax Planning through Wills can be viewed or downloaded here.

When you make a Will :

You ensure that everything you own passes to the person you wish to inherit your assets.
The people administering your Estate are the ones that you have chosen and trust.
If you have young children, you appoint the person whom you wish to be their guardian.
If you have children you can decide at what age they should inherit.
You can build in Inheritance Tax provisions to reduce the amount of Inheritance Tax payable on either your death or the death of your spouse.

You cannot guarantee that your wishes or instructions will be carried out if you do not make a Will.

What Difference Does It Make If I Do Not Make A Will?

If you die without leaving a valid Will you die intestate. The Intestacy Rules are inflexible, and often produce unexpected and unwanted results. The persons entitled to your assets under these Rules may not be the persons whom you would wish to benefit.

Your husband or wife will only inherit the whole estate if you have no surviving children, parents, brothers, sisters, nieces or nephews. If you have children your husband or wife may not inherit everything. If there are no children your husband or wife could find they share your assets with your brothers or parents.

Check Your Will regularly

If you already have a Will, then a new Will should be drawn up if you marry, re-marry or get divorced. Marriage always cancels an existing Will. You should also review your Will at least every 5 years so that it is kept up to date.

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