The importance of making a Will

The importance of making a Will

06 August 2020 Chris England

The importance of making a valid Will cannot be overstated. Even in this day and age, so many people die without having made a Will.

A Will allows you (among other matters) to:

  • Choose the persons you wish to administer your estate (your Executors);
  • Name persons you wish to benefit from your estate (your beneficiaries);
  • Appoint guardians to take parental responsibility for children under 18;
  • Express a wish and provide directions for burial and disposal of your body;
  • Include tax planning provisions;
  • Extend the powers of the Executors where necessary;
  • Avoid unnecessary distress to your surviving relatives at a time when they have just suffered a loss; and
  • Obtain peace of mind that your estate is being distributed according to your wishes.

Inheritance Tax

One of the most important considerations is the potential liability to pay Inheritance Tax on your own death or on that of your spouse or civil partner. Inheritance Tax would not be payable where assets are left to a surviving spouse or civil partner, but may be payable when the surviving spouse or civil partner dies.

Intestacy

If a person dies without leaving a valid Will then they are said to have died intestate and their estate will be distributed in accordance with statutory provisions. These provisions may ensure that the next-of-kin benefit from the estate, but the shares that they receive are often unsuitable. For example, a common misconception is that a husband or wife will automatically receive all of the estate but this is not always the case. Generally, only people with a direct blood link to the person who has died benefit and this does not always include partners and stepchildren. As families now comprise of complex structures there may be individuals who would not receive anything at all.

Ready to make your Will?

You will appreciate that a properly drawn Will is an important document. Whilst it is possible to write your own Will, this is rarely advisable. A badly drawn Will could result in your estate going to the wrong people and may give rise to costly litigation and other expenses. A mistake may invalidate the Will and of course this may only be discovered when it is already too late. Solicitors are professionally qualified to advise you both on making your Will and also on administering your estate.

Neves can prepare a Will for you, having regard to your own individual circumstances and wishes and above all to ensure that you have provided for your loved ones in a tax efficient manner. 

Call us on 0330 0945 500, email info@nevesllp.co.uk or complete our Contact Form and we'll get back to you.