WHY MAKE A WILL
Only 1/3 of adults who die in Britain are covered by a Will. The rest die intestate leaving the state to look after the complicated and often highly emotive issues of how to share out their assets.
Millions of pounds are paid to the Government in Inheritance Tax, some of which could have been avoided if Wills had been made and people had put in place financial planning before death
A Will can be made with or without legal advice but we would advise against a homemade Will. A Will may turn out to be invalid if correct procedures are not adhered to. There may also be issues over interpretation and meaning.
The risks of not having a Will
- Uncertainty as to the beneficiaries - Intestacy rules dictate.
- Spouse may not receive the whole estate if the Deceased had children
- Unmarried partners/cohabiting couples will not benefit.
- Estranged family members may benefit.
- Separated but not divorced spouses may benefit.
- The estate may not be tax effective.
- There may be family squabbles about who takes what.
- You cannot provide for charities.
- You do not decide who deals with your affairs.
- You do not have a say in your funeral arrangements.