If you die without making a valid Will you are regarded as dying intestate. This means that the law dictates as to who receives your assets upon your death and you effectively lose the right and opportunity to decide who will receive what and when. For many people knowing you have provided for your loved ones whether they be family or friends in the event of your death, provides comfort and peace of mind. It is therefore essential that you make a Will.
Some people may be deterred from making a Will as they see it as a complicated process involving a lot of technical jargon they do not understand. In fact, the process is fairly straightforward. There are a number of benefits from making a valid Will, including:
- Your property can pass to the people you choose to benefit;
- You can specify the particular age in which individuals may become entitled to your assets (for example, you may wish to avoid children inheriting significant sums of money early in life);
- Correctly drafted Wills can create significant inheritance tax savings.
It is important to review your Will from time to time. Many things change over the years and a Will made some time ago may no longer accurately reflect your wishes or current circumstances. Getting married, or remarried, for instance, may not only “affect your wishes” but will invalidate your Will.
For unmarried couples a Will is the only way your assets will be inherited by your partner. Without a Will, the rules of intestacy provide that only spouses and certain family members will automatically inherit and therefore an unmarried partner is excluded from inheriting.
For further enquires please contact:
Tel: 01489 892101