201611.02

9 Reasons to make a Will

Radio 2 recently reported on research that found the majority of adults do not have a valid will in place. Given the relatively low cost of having one professionally prepared, there is no excuse and it can avoid a potential mess being left behind for your loved ones to clear up.

And if you still need convincing – read on……

 1.   You get to choose who benefits from your estate

  •  without a will, the intestacy rules apply and there is no provision for unmarried partners
  • if a couple die together and have no children, there is a presumption that the younger survived the elder, so everything goes to the younger’s relatives

 2.   It ensures your wishes are binding

  •  the executors dealing with your will are required to comply with certain rules

3.   You make sure the funeral arrangements you want are clear

  •  it is still important to make your next of kin aware of your wishes as the funeral may take place before your will is even found

 4.   Allows you to have a voice about your children

  • you can appoint legal guardians
  • if you want someone to care for your children who would not usually be considered their next of kin then you can explain your reasons

5.   It can safeguard your business

  •  you ideally need to consider in advance tax points such as IHT (Inheritance Tax) relief
  • decide who to leave as the majority shareholder – although this would also need to be in accordance with any shareholders agreement

6.   It enables you to leave gifts to charity

  •  many charities rely heavily on bequests in wills
  • these gifts are free of IHT

7.   It enables you to make minor/specific bequests

  •  the intestacy rules simply split your estate into percentages
  • you may prefer to make individual gifts of personal items eg jewellery

 8.   It allows you to choose your own executors

  •  you can save money with less professional involvement if you appoint friends or relatives
  • you can avoid overburdening your next of kin (at a time when they will be very emotional) as there is a presumption they will deal with the estate if there is no will

9.   It enables you to take advantage of some tax planning

  •  getting professional advice on a will includes reviewing your IHT position and how it will get paid

 If you would like to make a will, please contact our James Blakemore on 01992 631461 or email him at james.blakemore@curwens.co.uk

Curwens LLP is your local firm of solicitors offering most areas of legal advice – based in Royston, Hoddesdon and Enfield.

 


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