Writing a Will and Inheritance Tax
Ensure your estate is left to the beneficiaries of your choice and minimise the risk of a dispute arising in the future.
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A Will is the only way to make sure that your possessions go to the people and causes you care about. If you die without a Will, you die intestate, and the law decides where your assets go.
Research shows that 70% of the population do not have a Will with adults between the ages of 18 and 34 the biggest offenders.
The main reasons that young adults give for not writing a Will are that they are for older people, they don’t have a lot to leave, and death is a long way off, so they don’t need to plan for it.
A Will is the only way to make sure that your possessions go to the people and causes you care about.
If you die without a Will, you die intestate, and the law decides where your assets go. It also means that there may be more work for your family to do to wind up your affairs.
“I live with my Mum as I haven’t seen my Dad for years, I don’t need a Will because she will get everything.”
Wrong. The law states that if you die without a spouse or children, your estate will pass to your parents equally, regardless of whether you have a relationship with them or not.
“I live with my partner, I don’t need a Will as they will get everything”
Wrong. Under the intestacy rules, your partner is not entitled to anything. They may even end up having to claim against your estate for financial support.
“I have a child, but I don’t need a Will as I don’t have anything to put in it”
Wrong. If you have a child, you will want to state who looks after that child if you were to die. If you do not appoint guardians to look after your children, the court may have to become involved, and they may appoint someone who you would not have chosen.
“I don’t have anything to leave!”
You may have more than you think. You may have insurance through your place of work or life insurance.
Wills aren’t just to pass on money and property though. Through a Will you can appoint people to administer your estate, set out what kind of funeral you would like, make sure the care of your children is undertaken by someone you chose, make sure any pets you have are provided for and looked after, make gifts to charities, and leave your possessions to the people you wish them to go to. You can even set out what happens to your social media and other online accounts.
No one knows what the future holds, so it is a good idea to have something in place so you can relax knowing that your loved ones are aware of your wishes and your money and possessions are going to go where you want them to.
Once you reach the age of 18, you can make a Will and it doesn’t have to be complicated.
Ask yourself some questions and write some notes:
Make a list of people you trust to act as:
Then speak to our friendly team, and we will write a simple Will for you clearly setting out your wishes.
At Heald Solicitors, based in Milton Keynes, our expert lawyers have wide experience across all aspects of Wills, trusts and probate as well as in dealing with related disputes.
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