Considering and discussing Wills is not an easy topic, which is often pushed away. We all fall into the traps of "I am still young, why would I need a Will" or "I know I need to make a Will, but I still have time, I'll do it later".
However, having a Will is important regardless of your circumstances and it is important that your Will is correctly executed. When you are gone, the Will will provide guidance and certainty as to your wishes to the people you leave behind as well as save them stress in the very difficult times.
Why should you make a Will?
1. You are in a long term relationship but you and your partner are not married. Most of us would assume that our partner will inherit our Estates. However, it could not be further from the truth. This can be resolved by having a Will.
2. You are married or in civil partnership but there are no children, whilst assets are likely to pass to the surviving spouse/civil partner on the first death, having a Will allows you to decide what happens to your assets on the second death.
3. Your family circumstances are complicated: you are separated or going through a divorce, you have children from previous relationship, you are estranged from your children. In your Will you can decide what happens to your estate.
4. You have children who are under the age of 18. In your Will, you can make a valid appointment of a guardian for your children.
5. The value of your Estate is likely to exceed £325,000, which is the amount of a Nil Rate Band Allowance. Having a correctly prepared Will could assist in reducing the amount of Inheritance Tax payable.
6. You have a family business and you would like to ensure it continues operating after you die.
If you would like to discuss how our Private Client Solicitors can assist you please contact us on 01525 712112 or complete our online enquiry form and a member of the team will contact you to discuss your requirements.