TOP 5 REASONS AS TO WHY YOU SHOULD MAKE A WILL

TOP 5 REASONS AS TO WHY YOU SHOULD MAKE A WILL

Listed below are five reasons for someone to make a Will. This list is not exhaustive and there are other important reasons as to why you should make a Will.

YOUR ESTATE CAN BE DEALT WITH HOW YOU WISH.

If you live in England and Wales, you can write a Will and leave your estate to who you wish. If you do not have a Will, the intestacy rules shall apply and this means that your estate might not pass to who you want it to.

When making a Will, you can also gift specific assets or cash sums, for example, your wedding ring to your daughter or £1000 to each of my grandchildren.

YOU CAN CHOOSE YOUR EXECUTORS.

You can choose who you wish has the responsibly of dealing with the administration of your estate when you pass away. Executors can be a person of your choice who is over the age of 18 years, but the role of being an Executor can be a burden and it can be a complicated job and it is not unusual for the process to take several months or even years.

If you do not have a Will, then the intestacy rules will dictate who is to administer your estate.

YOU CAN SPECIFY FUNERAL WISHES.

If you have specific preferences about your funeral then these can be included in your Will. Although funeral wishes are not legally binding it does mean that you can document your wishes so that your executors are aware of what you would have wanted.

YOU ARE ABLE TO MAKE PROVISIONS FOR DEPENDANTS AND MINORS.

If you have minor children or dependant relatives, making a Will allows you to make provisions for them and potentially sent up trusts should you need to.

Making a Will also allows you to dictate an age for children to inherit as the default position under the intestacy rules is 18 years of age.

APPOINTING GUARDIANS

It is also important to consider that if you pass away and leave children without a parent, then would legally look after them. You can appoint legal guardians in your Will. When doing so it is also important to consider the financial needs of the guardians and whether provisions for them should also be made.

If you wish to discuss making a Will, please contact one of our private client team on 01606 74301 to arrange an appointment.