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Will you? If you don’t the Government Will!

• Why Make a Will?

Take control over who inherits your Possessions, Property and Money

If you don’t have a will the government decides this for you and it’s done according to some rather old rules called the Laws of Intestacy which were drawn up in the 1920’s. This means that your spouse (husband or wife) might end up sharing your wealth (including property) with your children or parents. It also means that your partner may get nothing at all if you are unmarried.

By having a will you stipulate exactly how your estate (all your possessions & assets) is distributed and in what proportions. What’s the point of accumulating it all over your lifetime, if someone else decides how it is given away? Even to the Government itself. In doing this you might also avoid unnecessary arguments and squabbles between family members or relatives.

• Use Trusts to your advantage and help future inheritors

A major benefit of a professionally drafted Will is that it can ring fence your Inheritance Tax allowance (IHT) for future beneficiaries, creating a trust that will protect your assets should there be a need for long term care after the first person has died. On second death we can create a trust that will take the full value of your joint IHT allowance allowing your beneficiaries to draw cash for school fees, first house purchase and much more. The benefit of holding your assets in Trust is that it ensures a large IHT bill doesn’t burden your future inheritors (i.e. grandchildren) whilst at the same time holding the assets in an accessible manner.

• Appoint Guardians for young Children - Don’t leave it to others !

Nominating specific Guardians in your Will to look after young children is very important – and if you don’t the authorities will do so on your behalf! This is unlikely to coincide with your own wishes and may be hugely upsetting for your children!
It can sometimes mean that your partner (if you are unmarried) does not automatically become Guardian to your children, even though they may be the father.

• Set up Trusts for the benefit of children or to protect funds from being wasted.

Setting up a trust can have a number of significant benefits. Firstly it is a very good way to ensure that funds are not inherited by a beneficiary when they are to young to make best use of them.
Establishing Trusts also allows you to make secure provision for disabled or handicapped children.

• And don’t leave your funeral arrangements to chance.

You might have ideas about what you would like to happen when you die. This may be as simple as burial or cremation or something more specific.

• You can even leave a legacy to charity or make provision for a family pet!

Writing a Will provides you with the opportunity to leave a legacy to your favourite charity. Or make provisions for the care of a family pet.

To find out more about Wills, please contact us on 01403 27 26 25 or request a call back!