10 reasons you should consider making a Will
It is important to consider making your Will with a solicitor to ensure that you receive the necessary advice tailored to suit your personal circumstances when preparing your Will. We have summarised below our top 10 reasons for preparing your Will:-
- Having a Will in place allows you to plan who you would like to benefit from your estate when you die. If you die without a Will, you are deemed to have died intestate and the intestacy rules will apply.
- If you are not married to your partner but intend to leave them an interest in your estate when you die, you should consider making a Will to protect them as under the intestacy rules, there is no provision for an unmarried partner.
- Having a Will in place allows you to determine what age your direct descendants (such as children or grandchildren) receive inheritance.
- If you are married or are planning on getting married but already have a Will in place, marriage can revoke any previous Wills. You may wish to prepare a new Will.
- If you are separated but not divorced from your spouse but still married, if you do not have a Will in place, your spouse will still inherit from your estate under the intestacy rules.
- Wills can be prepared to be as Tax efficient as possible and take into consideration care fees planning.
- Making a Will reduces a risk of family disputes regarding the distribution of a person’s assets.
- Wills can be used to set up Trusts for vulnerable beneficiaries or disabled beneficiaries to protect their inheritance. You can also determine what their inheritance is to be used for (often maintenance, education or personal benefit).
- Wills can be used to appoint legal Guardians of minor children if their parents die before them.
- If you have step-children, they would not inherit under the intestacy rules. If you wish to make provision for them, you should consider making a Will.
If you are interested in preparing a Will, please do not hesitate to contact Olivia at our Morley office on 0113 4673430 / [email protected]
