Tag Archives: will writing

So Why Do I Need a Will?

So Why Do I Need a Will?

Current estimates suggest that approximately 30 million people (about 70% of the population) in the UK does not have a valid Will in place.  Of the 30% of the population that do have Wills, many have not reviewed the terms of their Wills for years and many Wills could now be outdated, or even invalid in some circumstances, due to changes in personal circumstances and/or changes to tax laws and later life care funding.

If you do not have a valid Will in place and die then the State decides who inherits your assets and this division may not be in accordance with your wishes had you taken the time to write a Will setting these out.

It is also important to take professional advice upon the terms of your Will as recent changes to in tax law and later life funding may well affect the way in which you should divide your assets in order to make the best use of the available exemptions and reliefs.  There is an old saying “you don’t know what you don’t know” and therefore cannot make provision for “what you don’t know” when drawing up your Will.

Sadly, it is frequently the case that “what you did not know” when drafting your Will without professional advice, only comes to light after your death, by which time it is too late for you to do anything about it.  Your beneficiaries are therefore left with the potential consequences of additional tax burdens and later life care fees not to mention assets passing to those you would have preferred not to benefit to the detriment of those that you would have liked to have benefited.

Even if you have little in the way of assets, but you have children, then it is vitally important that you appoint guardians for minor children within a Will in order that in the unfortunate event you pre-decease your children whilst they are still minors, people that you trust as guardians are appointed to look after your children in such circumstances.  If guardians are not appointed in a Will then it is left to the State to decide who looks after your children and this generally means that the children are cared for by Social Services and possibly a variety of foster carers chosen by Social Services and not necessarily by members of your family.

If you would like further advice or information regarding writing a Will then please do not hesitate to contact us on 01202 877400 and we will arrange for a member of our Private Client team to discuss your requirements with you in detail.

Wills, why are they so important?

Your Will can be one of the most important documents you ever have. It tells everyone what should happen to your money, possessions and property after you die. If you don’t have a will in place, then the law will decide how your estate should be split- and this may not be the same as you wish.

Five main reasons why you need a will

  1. A will makes it easier for family and friends to deal with your estate after you die.
  2. By writing a will your estate will be passed on as you wish.
  3. A will can also help reduce the amount of inheritance tax that may be payable on the value of the property, money and other assets that you leave behind
  4. It is very important to write a will if you have children or other family who depend on you financially. A will, also allows you to leave something to people outside of your immediate family.
  5. A will allows you to appoint guardians for any of your children who are under the age of 18 at your death.

Five things that can happen if you don’t make a will

  1. If you are not married or in a civil partnership, your partner is not legally entitled to any of your estate when you die
  2. In England, if you are married, your husband/wife may inherit most or all of your estate. This is the case even if you are separated but not yet divorced.  Your children may not get anything or maybe disinherited should a surviving spouse remarry.
  3. Any Inheritance Tax that your estate has to pay may be higher than it would be if you had made a will.
  4. If you pass away and have no living close relatives, your whole estate will belong to the crown or to the government.
  5. The state decides who looks after any children under the age of 18

Why are DIY wills bad news?

DIY Wills may seem like a good idea, but if errors are made, or if the strict witnessing rules are not followed correctly, the document could be invalid. You could risk leaving your family with a financial and emotional mess along with large legal bills for resolving disputes. Additionally unnecessary tax could deplete the value of the estate left for you beneficiaries.

So make sure that your estate goes to your chosen beneficiaries when you die and consult an expert to get advice on preparing your Will.

If you have any questions about wills, we are always happy to help. Just call us on 01202 877 400 or email us at: office@newnham-jordan.co.uk

 

This article is intended for general information purposes only and shall not be deemed to be, or constitute legal advice. We cannot accept responsibility for any loss as a result of acts or omissions taken in respect of this article.

Wills, why are they so important?
Digital Inheritance – Should You Update Your Will?

Digital Inheritance – Should You Update Your Will?

In a survey by Rackspace of 2,000 adults, almost a third of people have assets online they will include in their will and 11% have already done so. 1 in 4 people already have more than £200 of digital assets protected by passwords. A quarter said they had “special photos” stored online, one in 10 had treasured videos and the same number kept sentimental emails from loved ones. So our digital treasures are growing rapidly and so is our digital iheritance. So should I update my will?

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