Making a will can be an uncomfortable and complicated process, which can be off putting. But with more complex family structures, and more people choosing to live together rather than marry, making sure that your assets go to the people you want, doesn’t always happen if you haven’t made a will. For instance, if you are a cohabiting couple, and one of you dies without a will, your partner does not necessarily inherit your assets.
Our will writing solicitors at our Milton Keynes office will talk you through what you need to do, explaining the process and help you to make a will that covers all your needs.
1. Reassurance for you
A will is the only way to make sure your savings, possessions and property (your estate) go to the people that you care about.
2. You can choose your Executors
An Executor is given the legal responsibility to take care of a deceased person's remaining financial obligations. This means taking care of everything from disposing of property to paying bills and taxes and carrying out your wishes.
3. Choose the people who will inherit from your estate
Without a will it is possible for relatives that you do not really know or very rarely see to inherit your estate – you may prefer that it is left to other people or to a favourite charity?
4. Reducing the taxman’s cut of your estate
Having a will can help you to mitigate any Inheritance tax that might be payable. (Inheritance tax is payable on estates currently worth over £325,000.)
5. Not married or cohabiting?
The law does not really recognise this and long term partners, even cohabiting partners, will not automatically get anything if there is not a will in their favour – they may have to make a legal claim against your blood relations which could be unpleasant.
6. What about your pets?
You can decide what should happen to family pets and make provisions for someone or a charity to look after them for you.
7. Do you have specific funeral plans?
If you have particular wishes for your funeral, for instance choosing a burial or a cremation, you can detail it so that your family does not have to make those difficult decisions.
8. Protecting your assets for future generations
A will can ensure that assets are kept within the family and are passed on down the generations. In this modern age, this can include any digital assets that you may have downloaded, like music.
9. Passing assets to your children
You can make provision for your spouse or partner to have the use of assets during their lifetime, but upon their death those assets pass to others, for example your children. This can avoid your children being excluded from your estate if your partner changes their Will or remarries after your death.
10. Avoid conflict after you are gone
Having a will can help to avoid arguments between family members and others as to what provision you intended to make for them.
If you would like to make a will, please get in touch with our will writing solicitors in Milton Keynes.
Just a note to thank you for your help in resolving the important matter regarding my [family]; I’m very grateful indeed… Again, many thanks.