To specify exactly where your money, property and possessions go
Without a Will, the intestacy rules dictate what should happen to your estate in the event of your death. Those rules might not suite your circumstances or reflect your wishes.
To look after your family
If you do not formally appoint a guardian for your children, it will result in a court application for a guardian appointment.
To ensure that your children do not receive their inheritance too early
If you do not have a Will, your children could inherit your estate upon reaching 18. Many people worry this is too young and that their children will spend their inheritance swiftly.
To reduce the chances of family disputes
The absence of a Will can lead to family disputes as to who should administer the estate and who should receive what. A Will sets this out clearly.
To help plan for your care fees
Simple planning can be undertaken through the Wills of married couples to help reduce their potential exposure to care fees. This ensures there are assets left to pass on to the family.
To ensure that our children from a previous relationship are protected
As a marriage revokes any existing Wills, it can mean that any children from a previous relationship are left unprotected and may not receive their inheritance. It could all pass to the new spouse.
To reduce your Inheritance Tax Bill
A well-drafted Will can ensure you pay as little Inheritance Tax as legally possible on your death.
Why should you review your Will?
If you already have a Will in place, it is important to keep it under review. Circumstances in your life can change which may impact your wishes and your Will may not reflect this. For example, the death of a loved one, a new child, a pay rise, marriage and divorce. Also, there are changes in legislation and Inheritance Tax thresholds may change.
We are offering a free Will Review. It is important to review your Will every 4–5 years and we are here to help with this.
How we help!
By understanding what you want to achieve, we can provide a range of effective legal solutions which will help you provide security for you and your family, and the peace of mind you seek knowing your affairs are in order.
Contact us on 01543 440308 or email Adam at adam@fouroakslegalservices.com