Do I need a will or will the Intestacy Rules suffice?

Of course, everyone has a choice about making a Will or not, but for peace of mind, making a Will is the better choice. It is the better choice for many reasons:-

• The Intestacy Rules (these apply to people dying without a Will) may not benefit your nearest and dearest in the way you thought. For example, many believe that their spouse will inherit all their worldly goods automatically. There is nothing automatic about the application of the Intestacy Rules and this may well not happen.
• Through a Will you can take care of your children by appointing trusted and appropriate people to look after your money for them. You can appoint the right people to be the guardians of your children who would bring them up in the way you would have liked. You can state an age greater than 18 when they may be more inclined to use their inheritance for paying a deposit on a house rather than buying that sports car.
• In your Will you can make gifts, for example, granddad's war medals or his train set pass down through the generations without argument. You can also remember your favourite charities.
• If you have divorced through a Will you can make arrangements for your current wife/husband to continue living in your house or otherwise be supported for the rest of his or her natural life. On his or her death your house or investments can then pass on to your children from your first marriage.

Without a Will other people will be making important decisions about your loved ones – would you want that? With a Will you can make sure that your nearest and dearest are looked after in the way that you would want and pass your worldly goods on to the people and/or charities of your choice.

And who should you see to make a Will? Again there are choices:

• You can download a form and write your own, but will it be effective? In my experience Wills completed by yourself are fraught with pit falls and more often than not fail to deal with your assets in the way you intended.

• You may think that you have a simple Will and using the services of a Will writer from a Will writing company will suffice. But bear in mind that they may only have had 6 weeks training and may not have the necessary understanding to draw out hidden complications. This is something that I have seen happen on more than one occasion..

• Or you can see a Solicitor who has had 6 years training and can tailor make your Will for your own personal situation.

A Solicitor will look at your situation in the round and not only advise you on the detail of your Will but be able to look at your assets and advise you which ones will pass under the terms of your Will and which ones will not. Typically your house may not pass under the Will but to a surviving joint owner. If you are a Company shareholder you may need advice about whether or not your shares will pass under the Articles of Association, or fall into your estate and pass under the terms of your Will. There may be concerns about pensions and life insurance policies and the importance of keeping those items out of your estate so that they are not taken into account for Inheritance Tax purposes.

In understanding how your assets will pass and how you can influence those assets your Solicitor will be able to advise you fully about your Will. He or she will take your instructions on how you wish to make provision for your nearest and dearest and who you want to leave your assets to, tailor making your Will for your circumstances.

All in all, a Solicitor will give you the best value for money. Go on – make a Will – because you and your family are worth it!

Please call Esther Marchant on 01908-662277 or send Esther Marchant an email.