Why is it important to make a Will?
- If you die without a Will, there are certain rules which dictate how the money, property or possessions should be allocated. This may not be the way that you would have wished your money and possessions to be distributed
- Unmarried partners and partners who have not registered a civil partnership cannot inherit from each other unless there is a Will, so the death of one partner may create serious financial problems for the remaining partner
- If you have children, you will need to make a Will so that arrangements for the children can be made if either one or both parents die
- It may be possible to reduce the amount of tax payable on the inheritance if advice is taken in advance and a Will is made
- If your circumstances have changed, it is important that you make a Will to ensure that your money and possessions are distributed according to your wishes. For example, if you have separated and your ex-partner now lives with someone else, you may want to change your Will. If you are married or enter a registered civil partnership, this will make any previous Will you have made invalid
Failure to make a Will means your estate will be shared out according to certain rules – the rules of intestacy, these rules may not provide an outcome which mirrors your wishes.
Questions to identify if you need a Will or consider updating an existing Will
Basic Considerations:
- Do you have a will
- Is your Will more than 3 years old?
- Do you have children under 18 years old?
- Do you own a business?
- Are you concerned about inheritance tax?
- Do you want to protect what you are leaving behind?
Other Considerations
- Have you got divorced recently?
- Have any of your beneficiaries getting divorced?
- Do you own a house?
- Are you worried about future care fees?
- Would you like to explore how you may be able to reduce the inheritance tax burden?
- Do you have vulnerable children?
- I have life insurance
Your ideal scenario
- I get to choose who should inherit
- Plans are in place to ensure my family are not burdened with excessive care fees
- My estate will be straight forward to administer on my death
- Inheritance Tax (IHT) will be kept to a minimum
- Items of sentimental value have been left to those who I know will cherish them
- I can appoint Executors who I know and trust
- I’ve been able to appoint guardians for me children should I/we die before they reach the age of 18
Remember, a Will is the only way to make sure your money, property, possessions, and investments go to the people and causes you care about.