Every adult should make a Will, but many do not. Here are 5 good reasons why you should:
- You choose who inherits your estate, in what proportions, when and in what way.
Without a Will, your views as to who are your “Next of Kin” are irrelevant. The government’s “intestacy” rules will determine who inherits. These might not be the people you would want to inherit and, even if they are, the rules might change in the future.
Problems can arise with the intestacy rules if you are married with children, are unmarried, have family members you do not want to inherit, or have no close family.
All of these issues can be addressed in your Will.
- Choice of Executors & Guardians
In your Will you appoint Executors to manage and distribute your estate.
You need to choose people you trust to deal with your estate in accordance with the terms of your Will. They will have important decisions to make, and may need to hold assets on behalf of your beneficiaries for several years, particularly if your beneficiaries are still young children.
Administrators would be appointed under the intestacy rules to carry out this role, but they may not be the people you would have chosen.
If your children are still under the age of 18 years, then you should also use your Will to appoint Guardians to take on responsibility for caring for them until they reach adulthood.
- Care home planning
Nursing and long term care is expensive and you might have to use up most of your savings and other assets to pay for your care, leaving very little for your family when you die.
You can use your Will to protect assets for your intended beneficiaries if you are in a couple.
- Asset Protection for your Family
Your Will can balance the interests of a new partner with those of your children. It can protect your estate if you fear that a beneficiary is immature or a spendthrift, is likely to become (or is already) bankrupt or in financial difficulties, is at risk of being divorced, or where they are disabled or on means tested benefits.
- Small things cause the biggest arguments
Even if you do not consider yourself wealthy, it is often the division of your personal belongings which cause the arguments. The cost of these arguments are often out of proportion to their financial value and can be avoided by making your intentions clear in your Will.
For information about will writing services, feel free to contact one of our team at either our Wakefield, Dewsbury, Horsforth, Selby or Penistone offices on 01924 387110.