Will writing for some can feel more like ‘death planning’ rather than formally documenting how they wish for their money, property and possessions amongst others things to be handled when the inevitable occurs.
What can a Will do
- Provide for loved ones & organise the distribution of your estate – you can save your nearest and dearest from the grief of establishing and distributing the extent of your wealth and possessions. Whether a family dispute is likely to arise or not, dealing with the finances and estate of someone who has deceased can be a very stressful and upsetting ordeal if no arrangements have already been put into place. Furthermore, if you die without a Will, everything you own will be distributed in the standard way defined by Law, a method which may not be suitable to your personal circumstances.
- Name Executor(s) – An Executor is responsible for administering the estate. Their duties can involve form filling, being answerable to beneficiaries and creditors, all while adhering to the intentions of the deceased inline with the instructions recorded in their Will.
- Mitigate Inheritance Tax – Will writing can reduce inheritance tax payable on the value of any properties you own and money left behind
- State preferred arrangements for your funeral
- Elect who cares for children and pets
It is critical that a Will is created as soon as you own a property, acquire or possess considerable sums of money or have children. Will writing may be cheaper than you think. Why not contact us to discuss putting these arrangements in place.
It is important that any existing Wills should be revised when circumstances change such as marriage, divorce or having children.
The Laws of Intestacy (England & Wales)
For individuals who die without a Will in England and Wales, their estate will be distributed as follows:
Please note, Will writing is not an FCA regulated activity