#YODO – The Importance of Making a Will

In an age where family circumstances and financial affairs are more complex, making a Will is increasingly important.   Pop star Prince’s recent death is now likely to result in a lengthy court process in the U.S.A to determine who should inherit his estate, after he died leaving a number of siblings and half-siblings and having not made a Will.  

That said, making a Will is not just for the rich and famous. Research conducted by ComRes for Death Matters Awareness Week 2015 suggests that only 35% of the British public have made a Will. People often think “I am not old enough” or “I have nothing to leave” as reasons for not needing to make a Will. But as well as determining who inherits your estate, there are a number of other reasons why making a Will is important:-

  • Choosing your executors. Without a Will, the law dictates who is entitled to administer your estate. This may not be the person you would choose or trust to deal with your affairs after your death.
  • Appointing guardians for young children.
  • Providing for children from a previous marriage.
  • If you have recently got married. Even if you are married, your estate may not automatically pass to your spouse.
  • If you are divorced or getting divorced, you may still own assets which could automatically pass to your former spouse.
  • You may wish to include gifts of specific personal items or cash gifts (eg. to grandchildren, close friends or charities)
  • Clients with higher value estates may also need to consider Inheritance Tax.

9-15 May 2016 is Dying Matters Awareness Week. None of us like to think about dying, but not talking about it won’t make it go away. Dying Matters #BigConversation and #YODO (you only die once) seek to encourage us to talk more openly about dying – it could be one of the most important conversations you will ever have. As part of Dying Matters Awareness Week, we will be posting a daily blog addressing some important issues surrounding death and planning for your future.

Our Wills, Probate, Tax and Trusts team can give you professional advice tailored to your personal circumstances, to help you plan for the future and ensure that your affairs are in order. Should you require any further information, please contact Lorraine Wilson in our Wills, Probate, Tax and Trusts Department on freephone 0800 975 2643 or send any question through to Forbes Solicitors via our online contact form.

This entry was posted in Wills, Tax, Trusts and Probate.