I’m sure at some point you have already thought about making a Will; by doing so you are providing for the welfare of your family and ensuring the efficient management of your estate.
Regardless of your age, if you have assets or a family or friend that you would like to provide for, the only certain way to ensure they inherit, is to plan in advance and make a Will.
Where no Will exists
If no Will exists, you have died ‘intestate’ which means that you have left no instructions as to how you want your property and assets dealt with, and by whom. Your family could also have to pay potentially hundreds of thousands of pounds to the government in avoidable inheritance tax.
At present the intestacy rules do not recognise co-habitees. Therefore, if you live with your partner and die without having made a Will, your partner may not automatically inherit any of your estate.
Providing for your children
If you have children under the age of 18 you should appoint a desirable person to care for them in case something happens to you and your partner. In addition to this, parents should also consider the manner in which their children are raised in their absence, and who will look after their assets until the children reach the age of majority. All of this can be specified in a Will.
In an ever-ageing population, tens of thousands of homes are sold each year to fund the cost of residential care. A carefully drafted Will can ensure that the capital will be preserved from nursing home fees and instead pass to the intended beneficiaries.
If you have already made a Will it is important to keep this under review at regular intervals (at least every five years). The world does not stand still… your family circumstances and relevant taxation laws will almost certainly change.
If you would like to discuss making a new Will or would like to revise an existing Will, please do not hesitate to contact Lucy Metcalf