A Will is an important document for future planning, as it provides legally binding clarification of your wishes regarding the distribution of your property and assets when you pass away.

 

Why should I make a Will?

 

Control of your assets: If you don’t have a Will your assets will be distributed according to government (Intestacy) rules; this is particularly important if you are not married with a partner, and you have children together.

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Children from other relationships: You may have children with a previous partner; or your current partner may have had children before you got together. Perhaps you’ve have raised a child who is not yours by birth. They may not inherit automatically; So, you need a valid Will to ensure that the ones you love are properly looked after.

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Appointing your Children’s Guardian: You can nominate who will look after your children in the event of your death, to ensure that they are cared for by your preferred choice relatives or friends, rather than someone appointed by a Court.

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After divorce: It is essential that you redraft your Will after divorce proceedings have ended.

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Upon marriage: A new marriage automatically cancels an existing will. And so you will need to get a new Will to replace the Will you had before your marriage.

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To manage post death tax: Inheritance tax rates are currently 40% on the value of your assets which are above the current Nil Rate Band - careful planning can reduce or remove tax liability for your estate.

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Paying care home fees: You should plan very carefully to avoid losing your home and other assets to the local authority to pay for care home fees. A Will is a very useful way to greatly reduce this risk.

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To deal with a troublesome relative:  Is there a relative you’ve not spoken to for years? Or what about that ex-spouse or partner? They may have a claim on your estate, but an up-to-date Will is a way to avoid any disputes.

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To Protect the family business: A Will can prevent arguments about who should take charge, and it can also help to reduce any taxes which might be applied to your business and its assets.

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Gifts to grandchildren: Your grandchildren may never receive a gift unless you provide for them in your Will.

 

I will prepare your Will in a way which will make it as “future proof” as possible, by ensuring that you have provisions to cover events such as those listed above.

I will also ensure that your Will is drafted to minimise as much as possible, the potential for disputes or challenges to your estate to arise after you pass away.