At SBP Law we understand how easy it is to put off making a Will. However, we also know the consequences of failing to make a Will before it is too late.
It is essential to make a Will if you want to avoid ‘dying intestate’, where the law intervenes and determines who is entitled to what. For peace of mind you are therefore urged to make a Will as soon as possible.
Making a Will ensures your ‘estate’ will be dealt with by those you nominate as Executors and your wealth and possessions goes to the people you wish after death.
You should not assume that:
- only the wealthy or very old people make a Will
- that it is expensive to make a Will
- it only needs to be done once in a lifetime
- it’s just as easy to buy a Will form off the shelf and do it yourself
- unmarried couples automatically inherit from each other
You need to know that:
- even if you are close to your family and you think they know your wishes, a Will is the only way of being sure that your wishes are carried out when you die
- everyone over 18 whether single, married, divorced or living with a partner should make a Will
- when one half of a married couple dies the rules regarding division of the estate is affected by the existence of children but making a Will takes precedence over all the set regulations
- without a Will any money or property you own may not go to your partner
- without a Will you cannot leave a gift to charity
- you should review your Will regularly as your means and wishes do change
- marriage revokes any Will you have made
- drawing up a Will can be very complicated and needs thorough knowledge of the law relating to property, tax, families and inheritance tax
- SBP Law will help you reduce or negate any inheritance tax liability which in turn could avoid surviving partners being forced to sell off their assets to pay any tax
- unmarried couples cannot inherit from each other and do not automatically become Executors without a Will
Home-made Wills can cause many problems if not done properly. Solicitors very often become involved in sorting out problems where people haven’t made a Will or had one drawn-up badly. The cost of making a Will is a lot cheaper than having to go through the Courts to resolve matters or having to prove a badly drawn ‘home-made Will’.
If your major asset is a business, it is vital you consult us for advice. Each Will is tailor-made taking into account your personal circumstances, the possible tax implications and, in particular, inheritance tax.
You will need to decide who the beneficiaries of your estate will be and who should look after any children under the age of 18. You will also have to decide who will be given the job of being Executor of your Will. Executors have a huge responsibility and SBP Law are a reliable option.