Why is it so important to make a Will?

Article

07 July, 2010

If you die without a Will in the UK you die "intestate", which basically means that your estate is administered in accordance with the Intestacy Rules. The division of your estate and possessions will be determined according to these rules which are often impersonal, inflexible and do not reflect today's family structures.

The Intestacy Rules may not allocate your estate and possessions in accordance with your wishes resulting in your nearest and dearest not benefiting as you wished.

Cohabiting couples and partners who have not registered a Civil Partnership have no automatic right to a share of their partner's estate on death under the Intestacy Rules. Also if you are separated or your divorce has yet to be finalised, your spouse is still entitled to inherit from your estate.

The Rules do not make provision for stepchildren of the deceased either.

A well drafted Will can ensure that the beneficiaries you have chosen inherit your estate as you wish. A Will allows you to:

  • Appoint Executors, trusted individuals who will take responsibility for settling the deceased's affairs.
  • Nominate guardians for your children to make important decisions about the children under their care.
  • Appoint Trustees to manage and hold assets for the benefit of others.
  • Set up trust structures in your Will to hold assets benefiting chosen individuals and to control the management of assets for young or vulnerable beneficiaries.
  • Dictate the ultimate distribution of your estate and possessions.
  • Maximise tax saving opportunities making sure you don't pay more Inheritance Tax than necessary.

Our Will writing solicitors will help you plan for the transfer of your estate and possessions on death taking into account your personal family and financial circumstances. We will guide you through the options available including advising of the tax consequences of your proposals to ensure the smooth transfer of wealth from one generation to the next.

For further information and advice please contact Ian Howard on 01772 220022, or contact Ian Howard by email.

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