7 reasons why you should have a Will

What is a Will?

A Will is a legal document that sets out your wishes regarding what should happen to your estate when you die. If you die without a will, the rules of intestacy will be follow and your wishes may not be carried out

Samantha Cory, Solicitor in our Private Client department gives 7 reasons why you should have a Will.

1. A will makes it much easier for your family or friends to sort everything out when you die – without a will the process can be more time consuming and stressful.

2. A will can help reduce the amount of Inheritance Tax that might be payable on the value of the property and money you leave behind.

3. You decide who will take care of your minor children. Having a will allows you to appoint the person you want to raise your children or, better, make sure it is not someone you do not want to raise your children.

4. You decide who will wind up the affairs of your estate. executors play the biggest role in the administration of your estate, you’ll want to be sure to appoint someone who is honest, trustworthy, and organised.

5. If you want to make gifts and donations these will need to be written into a will. The intestacy rules are very strict, and the rules determine who inherits what based on family connections. The rules don't take into account the closeness of your relationships, or who is most in need.

6. You can change your mind if your life circumstances change. A good reason for having a will is that you can change it at any time while you’re still alive. Life changes, such as births, deaths, and divorce, can create situations where changing your will are necessary.

7. Because tomorrow is not promised. Procrastination and the unwillingness to accept death as part of life are common reasons for not having a will. Sometimes the realisation that wills are necessary comes too late.

Click here to book an appointment with our Private Client team today or for further information please call 01225 762683.

Case Study

Holly is 27, she has one daughter from a previous relationship, and she is now married to Ben. Holly owns her house with Ben that is worth roughly £300,000 and has minimal savings. Holly would like to ensure that her whole estate is left to her daughter when she dies. As Holly does not have a will in place her estate would pass under the intestacy rules.

The intestacy rules state that the spouse will inherit the first £270,000 and then the reminder of the estate will be shared as follows: the husband will inherit half of the remainder and the other half is divided equally between the surviving children.

In Holly’s case it is unlikely that her daughter would receive anything as Holly’s estate would not exceed £270,000. Therefore, we would advise Holly that to ensure her daughter inherits she would need to put a will in place.

There are multiple options on how to leave gifts to children and if you would like to discuss these further please get in touch with one of our private client solicitors at Goughs.

Click here to book an appointment with our Private Client team today or for further information please call 01225 762683.