By Caroline Foulger
Many people are aware that a Will is important; but most people do not have one and don’t appreciate why it is as important as it is, both legally and emotionally for both you and those you leave behind.
You care about your loved ones
A Will makes it much easier for your family or friends to sort everything out when you die – without a Will the process can be more time-consuming and stressful.
You want to decide who benefits from what you leave behind
If you don’t write a Will, everything you own will be shared out in a standard way, defined by the law – which isn’t always the way you might want.
You have people who depend on you
Writing a Will is especially important if you have children or other family who depend on you financially, or if you want to leave something to people outside your immediate family.
If you are unmarried and have children, this is particularly important, as without a Will, your partner may not receive anything on your death.
You want to protect what you have accumulated for the long-term security of those you want to benefit
Writing a Will means you decide who will benefit from your assets, but you can also create a structure to provide for when and how this happens. You might not want your children or grandchildren to inherit at the age of 18, and you may prefer them to be older. You might have loved ones with particular needs that need to be taken into account, and when and how they inherit from you. You may want to leave a lasting legacy that cannot be frittered away and will benefit future generations of your family.
You want to be as tax efficient as possible
A Will can help reduce the amount of Inheritance Tax that might be payable on the value of the property and money you leave behind.
Making a Will isn’t necessarily an easy task for all sorts of reasons, but we are here to help you begin that process by offering initial consultations with no obligation to proceed, so that we can discuss with you the things you should consider and help you think about your choices and options.
For further information, please contact caroline.foulger@twmsolicitors.com
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