Nov 13

Why Should you make a Will?

Posted by gowenstevensadmin on Monday 13th November 2017

Why should I make a Will?

A Will makes it easier for your family/friends to sort out your ‘estate’ when you die.If you don’t have a Will, the process can be more time consuming and stressful.

A Will can help reduce the amount Inheritance Tax that would be due on your ‘estate’.

If you have children or other family who depend on you financially, a Will is especially important.If you want to leave gifts to someone outside your immediate family or a charity, you can make this clear in your Will.

If you don’t have a valid Will, your ‘estate’ will be shared out according to law, which may not be the way you would want.

What happens if I die without making a Will?

If you die without a valid Will in place, you die ‘intestate’.The law decides who receives your ‘estate’.

General rules which may apply if you haven’t got a valid Will when you die:

  • If you are not married or in a civil partnership, your partner may not be legally entitled to anything from your estate.
  • If you are married, your spouse may inherit most or all of your estate but your children may not receive anything.This applies if you are separated but not divorced.
  • If you have children or grandchildren, the amount they are legally entitled to is decided by law.If you make a Will, you can decide this yourself.
  • Inheritance tax may be more if you don’t have a Will.

What should I include in my Will?

Your Will should say who you want to ‘inherit’ your money, property, possessions etc. when you die.You will need to appoint at least one person to manage your estate, and to follow your instructions in the Will.This person is known as an ‘executor’.Your executor should be someone you trust.

If you have children under the age of 18, you can appoint guardians to look after them.

You can also include your wishes about your funeral if you would like burial or cremation.Your executor will do their best to follow your wishes, but they cannot break the law.

How do I ensure my Will is legally valid?

A solicitor is best placed to advise on the validity of your Will.If you make a Will with us, we will ensure your Will spells out who should inherit when you die, that it is signed, dated and witnessed by appropriate adult, independent witnesses, that you were capable of making your own decisions when you sign the Will, and not under pressure as to who to leave your estate to.