Do I Really Need a Will?
There are several myths about Wills, which lead to many people believing that they don’t need to make one.
People may think that they’re too young to make a Will, or that they have insufficient wealth or assets to need on. They may think that because they are married their spouse will have the right to deal with their affairs if they die and automatically inherit everything on death. Maybe they have never thought about it at all!
A Will is an essential document, not least to give peace of mind to family members and beneficiaries, and to make certain that property and assets are distributed as desired. If there is no Will in place, and a person later dies intestate (the technical term for dying without a Will), the law decides who and how property and belongings are handled, according to standard rules, known as the intestacy rules. As well as giving peace of mind, other motives may justify the need for a Will to be made.
To mitigate inheritance tax
Professionally-drafted Wills can avoid wealth being subject to Inheritance Tax, a concern shared by many people. In the event of both parents’ death, a professionally-drawn Will can make full use of allowable inheritance tax exemptions and reliefs, resulting in more wealth being passed to the next generation.
To protect the family home against the impact of care fees
A carefully-drafted Will can help protect the home, which is largely regarded by many as the most valuable asset, and in which the bulk of family wealth is held. To any, protecting the value in the home for future generations is imperative.
To avoid needless family disputes after death
Family dynamics and assets can be complex. Second marriages and children from different relationships can introduce added levels of emotion. Everyone needs to consider providing proper financial support to those loved ones that are financially dependent upon them. This can avoid unnecessary conflict between family members and financial claims being made against the estate after death.
To protect assets for ill or vulnerable loved ones
A Will may mean that loved ones receive the benefit of assets in a way that does not affect entitlement to state-funded assistance for support or care.
To protect infant children
For those who have infant children, a Will can give peace of mind by appointing guardians for them. The Will can express what is desired and needed regarding the health and welfare of children, for example any views relating to religion and education. Seeking advice about making a Will is hugely worthwhile for peace of mind and to be certain that your property and assets will be dealt with in accordance with your wishes following death.
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