Have you thought about what would happen if you died without making a will? Many people do not make a will because they do not like thinking about death. They are sure their family will share things out fairly but if you die without a will then your possessions are divided according to a formula set by the Laws of Intestacy. By preparing a will you will ensure that your assets get distributed as you would prefer, and potentially spare your family heartache, uncertainty and avoid family feuds.
Wills are essential for most of us and are not just for the elderly. You should make a will as soon as you acquire assets or responsibilities, and keep it under review throughout your life.
By making a will now (or updating an earlier will) you can:
- Provide certainty for your family, knowing you have left matters in good order and safe hands;
- Have control over who inherits your property, rather than letting the law decide (which may not benefit the people you would choose yourself);
- Appoint guardians for young children;
- Provide for your children when they are older;
- Increase the amount of money available to your family or friends by taking steps to reduce Inheritance Tax (including the creation of trusts);
- Make gifts of money to family and charities;
- Make arrangements for the running of your business.
Making a will does require some thought and we are happy to discuss the various options available with you. You can leave your property and your possessions to whomever you want and we can help ensure your will accurately reflects your wishes, giving you peace of mind.
Our Will Questionnaire can help give you food for thought and can also be completed and returned to us to enable a draft will to be forwarded for your consideration. Please contact Julie Beales, Head of Private Client Services, for a copy of this questionnaire or for further information.