Do I Really Need a Will?
You may think that you’re too young to make a Will or that you don’t have anything to leave to your loved ones. You may think that because you are married that your husband or Wife will automatically get the right to deal with your affairs after you die, which may not be the case. Maybe you have never thought about it at all.
Give you and your family peace of mind and make certain that your wishes are carried out. If you do not have a Will the rules of intestacy will decide who and how your property and belongings are handled. This may differ from your wishes.
By drafting a Will this may help to
Mitigate inheritance tax
We are all keen to ensure as much of our wealth benefits our loved ones and not the tax man. Professionally drafted Wills can avoid or limit your wealth being subject to Inheritance Tax. Take advice as to use the legal rules and reliefs and you may be able to double the limit that you pay tax from.
Protect your home from nursing home fees
Blood, sweat and tears are often poured into our homes to pay the mortgage to eventually benefit our families. You may not be aware that the Local Authority may claim your property if you enter the care system. A carefully drafted Will can help protect your home.
Stop family disputes
We live in a time where family dynamics and assets can be complex – people are involved in second marriages and may have children from different relationships. We all need to consider providing proper financial support to those loved ones that are financially dependent upon us. This can avoid unnecessary conflict between family members and financial claims being made against our estate after our death.
Help if a loved one develops a medical condition (dementia/ME/MS/Parkinsons)
A Will can also ensure that your loved ones get the benefit of your assets without it affecting any benefits they receive or your monies being wiped out in payment of your loved ones’ care fees should they require care in the future.
Protect infant children
For those who have infant children you should make a Will appointing guardians for them and make clear what your wishes are relating to the health and welfare of your children for example, who will look after them and any views you have relating to religion and education etc.
You may think that you are organised and your property will be dealt with as you wish but seek advice regarding a Will to be certain.
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