A Will is a legal document that serves 2 main purposes:
To ensure that your wishes regarding any inheritance you want to leave go to the right people.
To ensure that individuals you don’t want to leave anything to are excluded.
Despite the fact that writing a Will is often easy and inexpensive approximately 50% of the UK population still don’t have one.
Not having a valid Will in place can end up costing more than if you did!
The UK rules of intestacy can mean that those you would have excluded from your Will could benefit from your estate. The legal cost of disputing this can drastically reduce the value of an estate, leaving loved ones out of pocket. There is also the mental impact that this can cause on those left behind to sort out a dispute.
Why is a Will is SO important?
When you don’t have a Will in place you run the risk of your estate and personal belongings going to the wrong people when you die.
In addition to ensuring that loved ones benefit it also ensures that:
- Children are taken care of by the legal guardians that have been appointed by you. It also ensures that the guardians have the legal right to take care of the children’s inheritance in Trust until they are able to receive it.
- Should the people named as beneficiaries in your Will die before you, you can decide what happens to the inheritance.
- You have people who you trust named to manage your affairs after you die (The Executor(s)).
- It lists who should inherit specific items such as heirlooms or items of specific family importance, and any trusts you might have.
- Enables you to leave money to a charity of your choice.
- You can state in detail how you want your funeral to be.
- You can minimise the impact of Inheritance Tax.
How do I write a Will?
If your estate is straightforward you can create one online and it might suffice. However, be aware that these tend to be very basic Wills and often do not include all the necessary information.
There are many things to consider, not all will be obvious to you if the right questions are not asked.
Some things to ask yourself:
- Do you wish to protect your estate if your spouse or partner remarries?
- Would you want to protect your children’s inheritance from a divorce
- Have you considered what might happen to your grandchildren’s inheritance in the event of your children’s death?
- Do any of your children have an addiction?
- Do any of your children have financial problems that could take away their inheritance?
- A Will executed by a professional company will ask you these sorts of questions and ensure that your estate is covered.
Wills bought off the shelf or online won’t offer total protection and these sorts of issues will be missed.
Not having a professionally drafted Will could cost you a great deal. A cheap Will might seem like a good option at the time but it could be an expensive mistake.
It’s important to know that you have covered every option when planning your Will. Without professional advice, some things will likely be missed. Mistakes cannot be rectified once you have passed away!
While it is not a topic that you want to think about, death is inevitable so it’s important to take some responsibility to avoid disagreements, upset and confusion for those you leave behind.
When should I update my Will?
We recommend that you review your Will regularly, at least every five years.
Specific life events should also trigger a review. To learn more about this read our blog: https://beesandco.com/blog/why-it-is-vital-to-update-your-will-when-you-have-children/
If you need any advice or assistance with your Will, please contact us here: https://beesandco.com/contact/
