1. Your possessions may not go to the people you would like to benefit from them.
If you do not make a will, the law applies “Rules of Intestacy”, which set down who will beneft from your Estate. The rules may not do what you want or expect.
2. You may leave problems for infant children.
There may be squabbles over who should or should not look after children, and their money. In a will, you can appoint guardians to look after them and trustees to take care of their finances. And you can delay your children inheriting your wealth.
3. You may pay the government tax which could have been saved.
If your estate is worth more than currently allowed by the Chancellor, your loved ones could pay tax at 40% on inheritance following your death.
At our meeting to draw up your Will, we can discuss how Inheritance Tax may be saved.
4. Your spouse and family could be forced to sell their home to pay out other beneficiaries or the tax man.
A carefully planned Will could avoid this.
5. Treasured possessions may have to be sold.
A Will can provide that items of monetary or sentimental value can go to people who can care for, appreciate and look after them.
6. If you are not actually married, your long term partner will not benefit from your Estate.
The Rules of Intestacy do not recognise a “common law” husband or wife or other partner including same sex partnerships. In these circumstances a Will is essential.
7. Your Estate may be left in the hands of those who are incapable or unwilling to sort it out.
In a Will you can appoint responsible people as your “Executors” to organise things and do the paperwork.
8. Your Will can express your wishes with regard to your funeral arrangements.
Your wishes may not be known unless you write them down. Worse still, your loved ones, at a time of emotional turmoil, may be further stressed by having to guess at what you really wanted.
9. If you have no family, your estate may revert to the crown.
This is a serious consideration for many people. Why should you benefit the government, when your favourite charity may be in need?
10. If you have married, or entered into a Civil Partnership since making a Will, in most cases your old Will is automatically revoked with the new marriage/civil partnership.
This may not be what you want, especially if you have left property to children of a previous marriage. Similarly a Will should be re-drawn at the time of divorce even if re-marriage is not contemplated.
Get in Touch
It is never too early to consider these difficult subjects, and a conversation with a specialist at Rosalind Watchorn may be of great assistance.
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