5 Reasons to Write a Will
1. Distribution of your assets will be according to Law and not your wishes
If you do not leave a Will there are set rules about whom your Estate will pass to. Unmarried Couples have no right to their partners’ Estates.
2. Administration of your Estate will be determined according to Law and not your wishes
Without a Will the people who administer your Estate will be the people who benefit from it regardless of how capable they are. This can be a real problem if the task falls to loved ones who cannot deal well with the task.
3. Having a well thought out Will may make a challenge to your Estate less likely
Certain people may be able to claim against your Estate if reasonable provision is not made for them. This can cause huge amounts of stress and inflict large legal bills on your loved ones. By having a Will, you can make reasonable provision and clearly set out your wishes making it more difficult to challenge.
4. You can leave instructions for your funeral
Decisions about a funeral will have to be made quickly after your death. If you have never spoken with your loved ones about this sort of thing it can cause anxiety and distress as they try and guess what you would want. You can use your Will to leave directions about what you would want to happen.
5. You can limit the Inheritance Tax you pay by leaving a Will
You can make your Estate tax efficient if you leave a Will. Gifts between spouses are tax free. Under the Intestacy Rules your entire Estate will not automatically pass to your spouse meaning that the part of your Estate which passes to other relations may attract Inheritance Tax.
If you’d like to discuss your Estate or have questions about writing or updating your will, please contact the office who will be happy to assist you.