Can you believe that over 70% of the population don’t have an up-to-date and accurate will? Don't be one of them – if you are, you risk dying intestate (i.e. without saying who should inherit your property). This could leave a very uncertain future for your family, friends and even business partners. Making any will may cost less than you think –our solicitors offer value for money fixed fees for simple wills.
Why you need a Will?
If you don’t make a Will:
- Disagreements may arise between how your property is split up amongst your loved ones
- You will have no control over what happens to your assets
- Your family might be involved in unnecessary costs or delay
- You may not have left enough money for your partner or spouse
- Your family home might need to be sold to distribute your estate unless you make the position
- You risk more tax having to be paid unnecessarily out of your estate
- If you were living together without getting married then your partner has no automatic right to any of your property
- You could leave your business partners without protection resulting in a forced sale of your business
On the other hand, if you do make a Will, you will retain some control over what happens to your property after you pass on and can make sure:
- Your loved ones are properly provided for
- You ensure proper provision for your partner if you were not married
- You pick somebody to care for any young children
- You choose who should look after your estate (known as an executor)
- You limit the tax payable on your death
- You remember particular friends and family by leaving them special gifts
- You avoid disputes over your estate from first and second families
- You ensure a smooth handover of your business
Don’t forget your estate may be worth far more than you suspect- including the following:-
- Your home
- Any savings
- Pension and insurance policies
- Your business
- Any buy to let or holiday property
- Your personal possessions
If you want to make a Will –the next steps
Prior to making your will you should consider::
- The value and type of your property
- Who you would like to benefit from your Will, including your spouse/partner, children, any extended or previous family and friends ?
- Your business interests
- Tax isues–particularly inheritance tax
- Who do you want to care for your children if you are unable to ?
- Who do you want to appoint as an executor to administer your estate ?
- Do you wish to donate any of your organs or permit the use of your body for medical purposes ?
- Do you want to be buried or cremated -- or do you have some other particular wishes ?
- Is there anything you particularly wish for your funeral arrangements ?
Tim Bishop is Senior Partner of Andover Solicitors Bonallack and Bishop - who provide a full range of legal services in Andover - ranging from drafting wills to divorce