Why make a Will?
Making and reviewing a Will should be a priority for most people. It is particularly important when considering major personal and financial decisions, such as buying a house or setting up a business, or a change in personal circumstances through marriage, starting a family or divorce.
Consider making a Will…
For those left behind
When someone dies, a grieving family find the discovery of a Will invaluable in giving them clarity and direction as to the wishes of the deceased. Your will could contain:
- Funeral wishes
- Who is responsible for distributing your estate (the Executors)
- Who receives sentimental items
- Who receives your estate and when should they inherit
- Whether any charities should benefit
To protect your loved ones
Marriage renders earlier Wills invalid. If you are planning to marry, both you and your partner should take advice about making Wills before the marriage takes place. If you separate from your spouse, the provisions of your Will are not affected. Advice should be taken so that your Will reflects any new wishes.
If you are unmarried and live with a partner and die without making a Will, your partner will not automatically be entitled to anything from your estate.
To reduce Inheritance Tax
Even though the value of assets passing between spouses can be generous, financial forward planning for both your deaths accordingly can save tens of thousands of pounds in Inheritance Tax.
To provide for minor children
You need to consider who will be legally responsible for any minor children. What happens if your spouse remarries? If your children are to benefit how and when do you wish them to receive their inheritance?
To preserve particular assets
Many people have agreements within the family that particular assets shall pass to specified individuals. This can only be a legally binding arrangement on death through your Will. You need legal advice to check whether the arrangement is feasible and whether it shall have any financial repercussions.
At Napthens you’ll find a comprehensive Wills and Estate Planning service from specialists who will ensure that the future of your estate is the future you planned. Our professional advisers provide a sympathetic and efficient service, treating each case on an individual basis to ensure the solutions we offer are best for you personally.