Facts About Wills........

Every individual over the age of 18 should have a Will, whether rich or poor, male or female, single, married or with a Civil Partner. Here are just a few good reasons why.

WITHOUT A WILL:

•  We think our spouse/civil partner will automatically receive all of our estate, but they may not!
• If you are single (ie. not married or you do not have a civil partner), under the laws of intestacy (dying without a Will) your partner will not receive anything from your estate. Over 70% of the population have not got a valid Will
• A family can suffer acute financial hardship because of delays in the administration of an estate.
• Many family heirlooms are lost because no one can decide who can have them, so they are sold.
• Millions of pounds of inheritance tax are unnecessarily paid each year due to a lack of planning which can be dealt with in the Will of the deceased.
• Charities, friends and distant relatives will not benefit without a Will.
• Thousands of home owners lose the equity they own in their home if they need long term care and such equity is used to pay for such care, with pre-planning this could have been avoided
• Family wealth will not be protected from spendthrift beneficiaries or beneficiaries with anti-social habits such as alcohol or drug abuse.
• Funds left for disabled beneficiaries will often be used to pay for the care of such persons and prevent them from claiming certain state benefits – and who will manage their funds.
   
•  Children may inherit substantial sums of money at a time when they are not mature enough to manage such sums. A Will can control the release of money to your children.
• Guardianship of minor children is uncertain if the parents die without a Will that appoints guardians - Would you want your child to become a Ward of Court?

Experience tells us that many people believe that once they have written their Will the matter is dealt with and they need not address it again. Wills should be reviewed at least every 3-4 years. For this reason we encourage our clients and members of the general public to review their Wills on a regular basis, to take advice and update their Will as necessary.

Ask Yourself:

• Will our house be used to pay for the cost of our Long Term care?
  
• How much Inheritance Tax will my estate have to pay?
  
• If I am divorced, is my Will still valid? Will my children benefit from my estate?
  
• We have children but we are not married, who will look after them when we die?
  
• What will happen to my business if I die?
  
• The circumstances of my beneficiaries have changed, does my Will still represent my wishes?