Importance of Will
A Will is a document which comes into effect when you die. In it you identify what you want to be done with your property after your death and you appoint persons to administer your estate to make sure that your wishes are carried out.
It is important for everyone to make a valid will and to review it regularly, particularly where personal circumstances change such as getting married or having children or grandchildren. Anyone who dies without a will is said to have died intestate, which means that the estate would be distributed in accordance with the ‘rules of intestacy’. This obviously will result in an estate not being distributed according to your exact wishes. There are several reasons for having a will, including:
- To ensure that the estate is distributed according to your wishes rather than the rules of intestacy.
- To avoid disagreement over your estate by clearly specifying your wishes.
- To specify your funeral wishes.
- To specify who would be appointed guardians of your children if you died.
- To set up trusts for family members.
- To provide for family members with special needs without disrupting state benefits.
- To provide for loved ones who might be irresponsible with money or who may need future protection from creditors or divorce.
- To provide for the transfer of your business at your retirement, disability, or death.
- To avoid your assets going to the Crown if you have no family.
- To minimise inheritance tax liability.
For more information on how we can help in this area, please contact us.