Have you been thinking for a while about making wills but have never quite found the time to get around to it?
If you die and don’t nominate guardians for your children who are under the age of 18 then the local Social Services and the Courts will do it for you.
2. Protect Your Spouse/Civil Partner
If you wish to ensure that your spouse receives what you actually want to leave to them and not have to rely on current government legislation – making wills documents your wishes.
3. Unmarried Couples
It doesn’t matter how long you may have been living with your partner, in law nothing will automatically pass to them.
How would you feel if your ex-spouse made a claim on your estate?
For those that have separated but not yet divorced – your spouse still has full entitlement on your estate!
You may be concerned about who will look after your pets after you have gone. One solution is to nominate someone in your Will who you can trust to make sensible decisions for your animals. You may wish to consider a modest legacy to help cover the extra costs involved in caring for the animal and meeting food and vets bills.
7. Life Interests
Life Interests are increasingly popular among people who have remarried. If you are in a second marriage, chances are that you will have children from the first who may not be happy with the idea of everything being left to your new partner. A Life Interest (particularly in the matrimonial home) is often a convenient way to provide a roof over the head of your spouse or partner and still protect the children’s inheritance in the long term, keeping everybody happy!
8. Paying less Tax
Careful Will drafting can have a significant impact upon the level of inheritance tax which will be paid. The small cost of making a Will can represent excellent value when compared to the tax savings that can be made.
9. Avoiding Intestacy
If you die without leaving a Will, your estate will be distributed in accordance with a rigid set of rules known as the “Intestacy Rules”. The Intestacy Rules dictate how a deceased’s property and money will be divided. In most situations the rules will produce an outcome that is at odds with what the deceased would have wanted and can lead to dependants suffering unintended hardship or family disputes arising.
10. Living Wills
If you are of unsound mind or unconscious and not able to make your wishes known to the medical profession they have no way of knowing what treatments – if any – that you may not want to receive. Making a living will removes that doubt.
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