The Importance of Making A Will
Whether for tax purposes or for a real desire to help a cause that matters to you, most of the UK’s population support leaving a legacy to charity in their Will, once their family has been provided for. But a startling 30 million of us have yet to make a Will in the first place.
Why Bother to Make a Will?
We’re all at it. The lawyers, financial advisers, politicians and the media. We’re constantly trying to persuade the adult population that they should be making a Will. Yet these calls are largely met with indifference. The result? Over two thirds of the UK’s population is without a Will.
But trust us. Having a Will is important even if you don’t think you have many possessions or much money. Why is that?
If you die without a Will, there are set legal rules, the Intestacy Rules, that dictate how your money, property and possessions are to be allocated. The result is that your family and loved ones may receive less than you would have wished whilst others may receive more.
Making a Will allows you to set out exactly how your estate is to be distributed. It gives you certainty.
In your Will you can appoint the executors you choose. Executors are responsible for administering your estate. And in some cases, this can be a complex task. You can select executors with the necessary skills, experience and time to deal with your affairs. Importantly, you can choose people who you trust and in whom you have complete confidence.
If you do not leave a Will, your nearest relatives will administer your estate.
If you have young children, you may wish to appoint guardians in your Will to make sure you know who will care for your children if you die prematurely. Also, you may wish to postpone the age at which children receive their inheritance outright from 18 to an older age when they might deal with it more sensibly.
You may wish to leave cash or specific gifts to individuals or charities. Such gifts can be included in your Will but don’t apply if you die without a Will.
Partners (who are unmarried or who are not civil partners) do not automatically inherit from one another. This could potentially place the surviving partner in financial dire straits. Such financial insecurity can be avoided by making provision for the surviving partner in a Will.
6. Inheritance Tax
It may be possible to reduce the amount of Inheritance Tax (IHT) payable on your estate by including appropriate tax-saving measures in your Will and making full use of any available Inheritance Tax exemptions and reliefs.
Try not to leave anything to chance. Drawing up a Will for the first time may seem a little morbid or scary – or even unnecessary. But once your Will is sorted, you’ll have the peace of mind that your affairs are in order and those closest to you will be taken care of.
For more information or advice contact us. We’re here to help.
Please note that all views, comments or opinions expressed are for information only and do not constitute and should not be interpreted as being comprehensive or as giving legal advice. No one should seek to rely or act upon, or refrain from acting upon, the views, comments or opinions expressed herein without first obtaining specialist, professional or independent advice. While every effort has been made to ensure accuracy, Curtis Parkinson cannot be held liable for any errors, omissions or inaccuracies.