Lindsay Tait & Turner explain why writing a Will is so important.
12th September 2016
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This year seems to have been the year of celebrity deaths - with David Bowie, Ronnie Corbett and Prince just a few of those hitting the headlines. And it always seems so surprising when we hear of those celebrities who have passed away without writing a Will.

So far, no Will has been found since the death of Prince, leaving his siblings and half-siblings facing a battle as to who is going to receive what.

Even if you don't have a celebrity fortune, writing your Will is equally as important, and with at least 50% of the population believed to be without one, it seems you're not alone...

But why is it so important?

  • It means your estate is divided according to your wishes, and not according to law. For example, Jill Dando died in 1999 without a Will, Her estate was inherited by her father, and not her fiance.
  • You're able to make allowances for children from other marriages. It covers even the most complex family arrangements because you declare your wishes in their entirety.
  • If you have a favourite charity that you'd like to recognise in your Will, you're also able to declare it.
  • You can leave specific instructions regarding the placement of your children should you both pass away. This saves your remaining family members having to make those complicated decisions for themselves.
  • The executor of your estate can be chosen before you pass away. If it's a member of your family they will have a vested interest in delivering everything according to your wishes. 
  • Forward planning can help avoid an unnecessary inheritance tax bill.  If you die with total assets of more than £325,000 your family will be left with a tax liability, whereas leaving your spouse or civil partner your assetsis tax free. If you want to avoid tax and leave money to your children, seek legal advice about setting up a discretionary trust.
For advice and help with writing your Will, speak to the team at Lindsay Sait & Turner.
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Adrian K

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I have spent the majority of my life building and growing companies in the IT, Electronics, Catering, Hospitality and media industries. I began my career in the Royal Air Force and upon leaving, went on...

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