RODNEY KING & PARTNERS
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Why do I need a Will?
We are often asked this question. Below are just some of the reasons why everyone should have a Will made.
You choose who will inherit your assets, including property and personal possessions
If you have not made a Will then your assets will not always go to whom you would choose, and in some cases may even go to the
government. This is particularly important if you are not married to your partner, or if you are remarried and have children from a previous relationship.
You may have valued personal possessions which you would like to pass on to a specific person.
Ensure you avoid family disputes over your estate
Nothing can guarantee a dispute over your assets better than not leaving a Will. The best advice is to leave clear and unambiguous instructions in a Will as to who should receive what.
Make clear your specific funeral wishes
One of the duties imposed on your Executor or Executors whom you appoint in your Will – and particularly if you do not have any close family – is to make your funeral arrangements. It will assist them if you can detail the type of funeral you would like, ie religious or non-religious, burial or cremation.
Make cash gifts to friends, family members or charities
Your Will is your opportunity to make it clear whom you would like to benefit with a cash sum. If you decide to support charities then this could assist with Inheritance Tax planning. Please ask us for advice about this.
Arrange guardians for your children
If you have young children you can specify whom you would like to bring them up if you were to die. This is particularly important if there is no second parent with whom the children could live.
Minimise your Inheritance Tax liability
Due to house price inflation, many people now reach the qualifying criteria for paying Inheritance Tax at the current rate of 40% of your assets. Advance planning can reduce or eliminate your liability to this, ensuring more of your assets go to those you wish.
Set up trusts for family members
You may have young family members who you would like to leave something for once they reach a particular age.
Nominate an Executor to deal with winding up your estate
You can choose who you would like to deal with the often complex process and paperwork involved in administering a deceased estate. In this way you can ensure that the task does not fall to someone who may be unsuited to it.
Protect unmarried partners
If you are living with someone but are not married to them
it is critical that you make a Will to protect them, otherwise they may get nothing. Unmarried partners have very little protection in law and the idea of a ‘common law partner’ has no legal standing.
Personal possessions
Even if you do not have substantial financial or property assets you may still have important personal possessions which you may wish to leave to particular people.
