Importance of making a Will
Importance of making a Will
Many people think that they do not need to make a Will for a variety of reasons. Some examples of this are;
- ‘I have nothing of significance to leave’
- ‘I am too young’
- ‘My assets will be passed on automatically to my next of kin’
Unfortunately, things are not always as clear cut as we imagine them to be.
Do you have a child or children under the age of 18? Who would look after them and their inheritance if both parents died whilst they were minors?
If an inheritance came to you earlier than you anticipated who would that inheritance pass to if you died?
Dying without a Will
If you die without leaving a valid Will your estate will be distributed in accordance with the Intestacy Rules and the beneficiaries under these rules may not be the people you expect or wish to inherit your estate. For example, if you have a long-term partner and are not married and have separate bank accounts and/or your home is in your sole name, then your estate will not pass to your partner.
By completing a professionally drafted Will you will be able to discuss your wishes with a specialist advisor who can also advise you on any tax consequences and ways to minimise any tax payable.
To discuss any of the above issues with one of our experienced Private Client Advisors please contact Emma Sezer or Mollie O’Connor and we will be happy to guide you through the process of making a Will.
(This article is not intended to be comprehensive or to provide specific legal advice. It should not be relied upon in the absence of specific advice given in relation to particular circumstances.)
