Young or old, rich or poor, almost all adults should have a Will and it should be
up to date.
Not sure why? The notes here give a few of the many reasons.
Why Make a Will?
There are no “if’s” and no “buts” about this - if you have young children you need
a Will. No arguments. At the very least it should say who will take care of your
children (guardian) and who will look after their money (executor/trustee)
Without a Will, the rules of intestacy apply. This might mean long lost relatives
(or their descendents) have to be tracked down, which can create a lot of delay,
worry and expense. The rules are always subject to change, so you cannot be certain
who will eventually inherit your estate.
Without a Will only your spouse / civil partner is certain to get something (but
not necessarily everything) and then your closest blood relatives would be next in
line, as set out in the rules of intestacy. Neither your unmarried partner nor any
other non-relative receives anything - unless they can go to court to prove that
they were financially dependent upon you.
If you want any money to skip a generation i.e. To give it to grandchildren, you
cannot rely on someone else passing it on. Their own circumstances might prevent
them doing it, or they might be under pressure from third-parties to not follow your
wishes. If you want something like this to happen, you must put it in your Will.
A Will can reduce arguments. It is then clear what you want to happen and who it
is you want to handle things (the executors).
With a Will you may be able to reduce inheritance tax - if not for your estate then
for future generations.
With a Will you may be able to protect your house or other parts of your estate against
being lost to Long Term Care Fees or other attacks on family inheritance.
Only if there really is no-one you care about and you don’t want anything to go to
charitythen fine, forget about a Will and let the lawyers eat up your estate in
fees and give the government a chance to get hold of what is left.
We have Will writing clients all around the Leicester area including Aylstone, Coalville,
Desford, Hinckley, Littlethorpe, Market Bosworth, Markfield, Thorpe Astley, Whetstone
- why not join them?