Why Write a Will?
Why Write a Will?
Writing a Will is essential if you want to be sure that your
possessions and money end up in the right hands.
You should beware of the pitfall of assuming that everything
will automatically go where you want it to even without making a
Will - this is not always the case. Dying without making a Last
Will and Testament is called intestacy, and people who pass away
without having written a Will are intestate. Under these
conditions, intestacy rules determine the recipients
of the estate, and these people may not have been whom you would
have chosen.
For married couples with a sizable estate, the spouse of the
deceased only stands to inherit the first £250,000 of the
estate and personal items unless specified in a Will. While this
sounds like a lot, you may want to take into account the combined
value of all your property and possessions - you might find your
estate is worth more than you expected.
Writing a Will is even more important for unmarried couples, as
cohabiting partners do not have any automatic right to their
companion's estate without one.
On top of that, it is essential to make a Will for the
future of your children, if you have any. To ensure that they are
cared for by somebody you know and trust, a legal Guardian should be
identified by the Will. If you die intestate, the government
may elect someone you would not have wanted to take up the role as
Guardian. Through a Trust Will you can also select Trustees to look
after items left to young children until the children are old
enough to assume possession of them. You can also name Executors to
guarantee that somebody you trust will be in charge of
administering your estate.
Wills are also invaluable because they can help you save on
hefty Inheritance Tax (IHT), which estates of
£325,000 or more are subject to. By having a Will drawn up you can
get some idea of the value of your estate and take measures to
reduce it so that you are not liable to pay IHT.
If you make a Will you will also give yourself control of
who manages your estate when you pass away. These people are called
Executors and by nominating them in your Will you can ensure
that people you trust will be handling your affairs when you are no
longer here. Read our online advice section on probate for
more information on the responsibilities of Executors.
There is a long list of things you cannot do if you don't write
a Last Will and Testament:
- Pass your estate to an unmarried partner
- Decide how much money is left to each family member
- Specify who will become the Guardian(s) of your children
- Leave something to a charity
- Leave a memento, e.g. jewellery to a friend
- Reduce any potential Inheritance Tax liability your estate may
have
- Preserve your estate if you go into residential care
By not making a Will you would be leaving these key decisions in
the hands of the court. As well as exercising your own rights to
control your estate, you can save your relatives and loved ones a
lot of hassle in the future, and prevent any disputes flaring up
over who is entitled to what.
For the sake of your peace of mind it is worth taking the time
to make a Will. With our service it's no trouble at all and
will only take a few minutes of your time.
Call now on 0117 910 1209 or alternatively send an email to tfaverty@bristolwillscompany.co.uk