When should make my Will?
You’ll go a long way towards your personal and family’s success by making your bespoke Will well ahead of when you will need it. Whether for Private or Family Business needs; the problem with leaving it until ‘later’, is; that you never know when that will be. In these matters, "it's never too early, just often too late". There are many matters to be considered to model things correctly. It depends on what is right for you and your family circumstances. Assuming, ignoring, or leaving it to chance, could cost your family a lot of unplannned costs and mental anguish.
Why Should I Make a Will?
The Will is for your family and loved ones; not for you. The principal reason to make your Will is because your family will benefit from it many times over, than being without one, upon your death. And, by having it ready will usually gel the family.
Your Will is a set of written instructions for your family, in how to close down your estate and personal matters, after you have died. Because no-one knows when that will be; by being prepared, a lot of unplanned 'extra' cost, stress and agro will be mitigated; rather than sorting out your affairs according to law.
Your Will should be made part of your life-plan, like anything important. It’s unlikely that you would go on holiday, or take a job interview and expect a good result, without planning. 'Non'? Your family succession preparations should follow the same idea. Being prepared saves money.
Five Reasons to make your Will:
These are some of the common questions and answers that pop up when we discuss Wills with our clients;
What happens if I die without a Will?
When a person dies without having made a Will before their death, the Government Authorities must take over his estate and affairs because no-one has been given the authority to deal with it. The Government Authorities must follow what is called the Law or Rules of Intestacy. This means that whatever you may have wished without Willing it, before your death; is not counted. Your estate and wealth must be distributed according to a statute - ‘which is only a rough fit with modern society’. No questions are asked. No options are given. And; the result possibly at odds with what you would have wanted. It is cast in stone. Even if the end-result is patently unfair.
An Unfair Result
Let's say, for example; that you were married 23-years ago, and the marriage foundered. And you both aborted the marriage without a legal contract of separation or divorce. For the past 20-years, you have been happily cohabiting with another and have raised a happy family. You have treated the children of your life-partner's previous relationship as your own. And, you have built up a significant wealth portfolio with your partner of these past 20-years.
You died yesterday! No Will. Guess what happens to all of your wealth?
Your wife gets it. Your life-partner of 20-years and her/your* children get nothing. That is the law. There are plenty of other examples of similar unfairness because you died without a valid and appropriate Will.
What are the benefits of making my Will
Through your Will, you decide how your assets are managed and shared out; including to your family, to your friends and favourite charities for example. If you are not married or not in a civil partnership for example; you can make certain that your partner is provided for. Contrary to common belief, your cohabiting partner will not inherit anything automatically from you.
- If you are divorced or if your civil partnership has been dissolved, you can make gifts and legacies to your ‘ex’ and the stepchildren.
- In your Will, you appoint a trusted person(s) to be the executor of your Will. He takes responsibility for managing and distributing your estate according to the directions in your Will.
- When your wealth is liable for inheritance tax, then you can model things to pay no more tax than you need to. HMRC set the conditions for tax relief. They do not promote how to get it. It is for you to find. Our family succession service team has the expertise to validate whether your estate would be liable to pay tax or not and advise you on the most tax-efficient way to gift your assets if it does.
Our professional Will-writing service
Whether you are looking for your first Will, or you want to revise your current Will, our professional team will help you get it right.
Our goal is to ensure that experience is beyond your expectations. What we do for our clients is completely different and beyond the knowledge of the average High Street provider, because our aim is 'service' and to save you money.
Our Family Succession team
Our consultants are always up to date and ready with experience and skills to provide you with expert advice in your Will and family succession needs. It is fully tailored to your wishes and circumstances. At the centre of the service is your consultant, whose role is to engage with you to realise your wishes and needs and to understand you completely.
As someone who knows you, and understands your family objectives, your consultant is well-placed to advise you in all matters regarding family succession. He will be able to tell you all about our services and explain how we work, and how we differ from everyone else, to achieve your goals.
You will discuss your wishes with him, and he will identify the best way to ensure these are fulfilled. Our service helps you to make these important decisions and to understand the technical matters that need to be applied to realise them, including how to choose your representatives, and the effects that your decision may have on other factors of your family and wish.
While we are taking instructions for your Will, we will guide you through the inheritance planning and family succession methods that apply for you, so that your assets pass on to your loved ones or other beneficiaries, in the most effective and tax-efficient way.
Why choose our Will and Family Succession service?
What we do for our client is completely different and beyond the knowledge of the average High Street provider. Our remit is to save clients’ money and preserve wealth and fortune in the family, for the family. And therefore, we approach things from a holistic perspective, because everything of family and finance is affected.
Our family succession service team has the expertise to advise and tailor the most appropriate Will Plan for you, which is flexible and adaptable with future change.
Equally, administering an estate can be a lot more complex than many people realise, but our expert team has the skills and experience to perform the task effectively and efficiently with your representative. Our estate administration team make sure that your chosen beneficiaries receive what is due to them from your estate promptly and impartially.