The Importance Of Making a Will
Persons who do not make a Will cannot control who will inherit their property after death.
In these circumstances, the assets will be distributed according to law, the law of intestacy, which is extremely likely to be against the person’s personal wishes.
In extreme cases, the entire estate may fall to ‘the Crown’ (Government) instead of the people the client actually wishes to benefit.
By Making a Will, the client determines precisely who inherits the property. Importantly, the client can decide who will handle their affairs after death and who will act as guardian for any dependant children who may be left without a surviving parent.
A Will can also be used to express a person’s preferences for burial or cremation and for donating organs or their entire body for medical purposes. Additionally, Making a Will provides an opportunity to reduce Inheritance Tax (IHT) liability which is vital where there are meaningful assets.
Still undecided? Read through some of the examples below on why you should consider Making a Will today.
Examples of Why You Should Write A Will:
Happily Married Couples
One of them passes away. Then, as they would have wanted, their partner remarries, and suddenly the heir-loom they believed was going to pass to their children will in fact go to the new partner.
Cohabiting and are unmarried
‘Common-law’ partners are NOT afforded the same protection as those who are married. The reality is without a Will the children are destined to inherit in the first instance and then the parents. Unmarried couples will need to fight for their inheritance in a court of law.
Record the preferred Guardians for your children
A Family Will enables the parents to state their preference for the guardianship of their children.
- Choose the person(s) who you want to look after your affairs
- Hold back children’s inheritance until they reach a certain age
- Financially recognise children from a previous relationship
- Include or exclude half siblings and step-parents
- Avoid family disputes
- Protect disabled children from loosing their benefits
- Specify your funeral plans
- Give permission for organ donation
For more information on Making a Will please call us on 020 7993 2044