Why should I make a Will?
As we go through life, we may purchase a house, open a savings account, invest in stocks and shares, or we might have a passion for vintage cars, or technology. Whatever it is we own, these are all assets which is also known as our ‘estate’. Having a professionally drafted Will in place for when we die can help to save on inheritance tax; it avoids family disputes and gives us peace of mind that our hard earned belongings have been distributed as we so desired.
Why do we avoid making a Will?
Two out of three of us don’t bother to make Wills. So why don’t we? After all, not making a Will may mean partners or loved ones could face financial hardship at a time when they will be struggling to come to terms with their grief. We avoid it because it means coming face to face with our own mortality, something we don’t like to think about at the best of times.
How do I make a Will?
The first thing you need to consider is what forms your estate. Then you need to establish how you wish for your estate to be distributed and to whom. You can even include your funeral arrangements in your Will. Other factors to consider are:
• What happens if any of your beneficiaries die before you do
• Do you have children under 18? If so, who will look after them?
• Who will be named executor to carry out the wishes detailed in your Will?
What happens if I die without a Will in place?
Many people don’t realise the problems they cause by failing to make a will. They may assume they have too little to leave or that their family will automatically inherit everything anyway. But that is simply not the case. If you die without a valid Will, you have no say what happens to your estate. This means that all you have worked for may not end up where you think it will, or even where you would like it to. The ‘Rules of Intestacy’ will divide your estate in a pre-determined way which may not be the most tax efficient way either.
Unmarried couples living together fare even worse. If a Will is not in place, their partner will inherit absolutely nothing under intestacy rules. By law, only married couples and those in civil partnerships are recognised as having any rights over property. But even then, if you have young children, what do they inherit? Are you safeguarding their futures? Assuming all will go to your spouse, which may indeed be the case, but what happens if your spouse remarries? Then has more children or the remarried spouse has children of their own? What is left for your children’s future?
It is so important to protect yours and your family’s futures. Making a Will is the perfect starting point to do this. We offer a FREE, no obligation meeting, so you have nothing to lose by booking an appointment now! Alternatively you can call our Church Village office on 01443 202237 or Radyr office on 02920 108822 or any other contact details can be found here!