Wills

Why I need a Will

Everyone should have a will and review it at various stages of their lives. Throughout their lifetime, people will build up an estate which could include property, pensions, savings, life assurance etc., and they want to know when they pass away their estate goes to the right people.

When someone dies without having made a will this is called “Dying Intestate”.  A series of rules will dictate how their estate will be divides up, and this may not turn out how the deceased person wanted their estate to be distributed. This could lead to someone getting part of an estate that the deceased person had no intention of leaving it to.

What to consider

You also need to consider the care and provision for children. It is very important that arrangements are set out by way of a will, so that if anything happens to either or both parents the children will be taken care of.

Unmarried partners, and same sex partners who have not registered a civil partnership under the Civil Partnership Act 2004 will not automatically inherit from each other unless there is a will. So the death of one partner can mean serious financial problems for the remaining partner.

In some cases proper planning in the drafting of the will and sometimes their use in combination with Trusts can help reduce the amount of inheritance tax paid on eventual death.

How do I go about making a Will

Always get proper legal advice when drafting a will. See our links page for local solicitors we work with.