Protecting our loved ones is a top priority for all of us, which is why it’s so surprising that many people each year die without writing a Will. We all work hard to pay our mortgages and provide for our family, and we want them to be looked after should the unexpected happen. But if the unexpected was to happen to you, do you know what would happen to your children, your assets, and to the home you’ve worked so hard for?
If you die intestate (without a will), your assets become subject to the rules of intestacy. These rules are somewhat outdated and many people are shocked to find out that those they would wish to inherit from their estate may not. If you die without leaving a Will then you give up control over how your assets are distributed. Your loved ones may end up paying more in Inheritance Tax, or worse, be forced to sell the family home. This can be very distressing at what is already a difficult time. In addition, if you leave no Will, your family may face delays, legal complications and additional costs. If you have a young family, making a Will is especially important as it enables you to not only make provision for your family financially, but also to appoint Guardians for your children and set up a Trust.
It may seem like a daunting task but making a Will is actually very straightforward and takes far less time than you think. It’s the only way to protect your family and give you peace of mind.
For most of us, our home is our main asset - a Will lets you decide who will inherit it.
If you have recently got married any previous Will you have made prior to your marriage is no longer valid.
If you have a young family, making a Will is especially important as it enables you to not only make provision for your family financially, but also to appoint Guardians for your children.
If you have recently divorced your Will may no longer reflect your wishes.
If your medical circumstances have changed it may be time to consider updating your Will or making a Lasting Power of Attorney.
None of know what is around the corner. Having a valid Will in place protects your loved ones from unnecessary uncertainty, financial hardship and stress at what is already an extremely difficult time.
There are different types of Wills depending on your situation. All Wills are tailor written to suit your specific circumstances. If you aren't sure which type of Will you need I will happily talk you through the different options and help you to decide which one is best for your circumstances.
I offer fixed fees on all Wills so there are no hidden surprises. Get in touch to find out more.
A Standard Will is suitable for people who have a straightforward estate – this is the vast majority of people. Standard Wills can include provisions for minors such as appointing guardians and implementing trusts to defer inheritance until they are 18 or older. Standard Wills also include making specific gifts and charitable donations, making provisions for pets and stipulating funeral wishes.
In some circumstances a Standard Will is not always suitable for people who have a more complex Estates or for those who may need to mitigate tax liabilities, protect against care fees or provide for a vulnerable beneficiary. Trust Wills would normally be set up for these situations. A Trust is where you set up special instructions to hold assets on behalf of your beneficiaries. You appoint Trustees (people you trust) to administer the assets on your behalf.
If you aren't sure whether your current Will still reflects your wishes or if you are concerned the legislation may have changed since you last wrote your Will I offer a free checking service.
Get in touch to find out more.
After you have written your Will, it is important to consider the safe storage of your Will.
Only the original copy will be accepted by the Probate Registrar and therefore, it is extremely important to protect it from certain risks, for example, fire, flood, loss and theft to name but a few.
Find answers to my most frequently asked questions here.
If you can't find the answer to your question here, please do not hesitate to get in touch.