The purpose of making a Will is to state in advance what is to be done with your possessions on the eventuality of death! It is said that ‘the only certainties in life are death and taxes’! Where there’s a Will there’s usually a way!
What is a Will?
A Will is a legal document through which a person may state his or her wishes about the sharing out of money, property and possessions and to whom they are to be given and in what proportion.
A person who does not make a Will is said to be ‘intestate’ upon their death, which can cause major problems for loved ones and in extreme cases possible destitution. It also causes costs against the estate thereby reducing the eventual inheritance value. Similarly, a Will that is in place but out of date may also cause great distress to those who are left behind, the wrong persons inheriting for example following a second marriage etc.
The reasons for making an up to date Will therefore are:
Bringing up to date one’s intentions based on changing circumstances marriages, divorces, new children arriving, and family break-ups.
Making sure that dependants are taken care of in one’s absence precisely as one would have wished, and making sure that all of the details are current.
Not married but living in a partnership, legally one’s partner may have no right to any part of the estate following the death of the other partner, especially if there has been an earlier marriage, children etc.
Increased wealth, business success may mean greater wealth to disperse and more complications regards taxes etc.
Special disbursements, to charity or deserving causes.
Personal gifts, a Will ensures that special gifts will be honoured.
All disbursements will be completed in a timely manner.
Personal wishes about funeral arrangements, one can plan for this in advance thereby removing the burden from loved ones at a time when they are less able to cope.
Executors can be named in advance removing uncertainty about who does what.
Trusts can be set up under a Will to ensure that those recipients under 18 are looked after in the manner intended, a current Will ensures that additional individuals can be added on as a family grows.
Because making a Will is so important, it is wise to seek the advice of a professional adviser, such as Aileen Francis at Percy Walker & Co. We would recommend that everyone has a current Will, advised by a professional, who can execute your intentions correctly. It’s the only way of ensuring peace of mind and of making life far easier for those left behind.
Not yet written a Will? Call Percy Walker & Co. today on 01424 721234.
Member since: 23rd July 2014
Ian Noble is the Owner of 'thebestofHastings', the award winning franchise, providing integrated marketing solutions to SMEs, connecting to the Hastings community and promoting local events in 1066 Country....