Do you want to decide who inherits your Estate?
If the answers is “yes!” then you need to make a Will.
How many excuses can you think of NOT to make a Will?
- “I don’t have the time”
- “I’ll think about it when I’m older”
- “I don’t to think about dying.”
- “It’s too morbid”
If you don’t have a Will in place then you have no control over who inherits your money, your property and all your possessions; it is decided based on statutory guidelines written nearly 100 years ago.
Why should I make a Will?
Dying without a Will can cause difficulties and problems for your loved ones at an already difficult time. It may take time to establish whether you have a Will; if there is no Will, they may need to go through the Courts to be granted the power to deal with your estate.
This delays the process of gaining access to your asses and may result in your family members having to pay for your funeral and other expenses.
Do you have children under 18?
Making a Will is essential if you have children under 18. You need to ensure that the people who you would want to look after your children do so in the event of your death. These people are called “guardians” and they can be appointed in your Will.
What happens if I haven’t appointed Guardians for my children?
If you don’t appoint guardians then it is the authorities who decide who looks after your children. These may not be the people who you would have chosen and could cause distress for your children and family members.
Can I regulate the flow of cash?
A Will can be used to establish a trust for your children allowing you to have some control over the money they inherit, how it is used and when they receive it after your death.
Is my Estate liable for Inheritance Tax?
If you have an Estate that is liable for Inheritance Tax, making a Will can help reduce the IHT liability, or even eliminate it altogether. A Will can therefore ensure that there is more money for your loved ones and less for the taxman! A will can even be used to mitigate payment of care fees.
Additionally, you can read our ultimate guide to wills and probate to find out everything you need to know.