It is estimated that over 70% of us do not make a Will, despite nearly all of us regularly thinking about putting our affairs in order. Usually, this is because people do not realise the consequences and costs to their families of not having an appropriate Will in place.
Why do I need a Will?
If you do not have a Will, the Government will decide who inherits your estate in accordance with the Laws of Intestacy. Often this means your wishes are not reflected in the distribution of your assets. Your spouse may end up sharing your estate with your children, or if you are an unmarried couple, then your partner may not get anything.
If you have young children under 18, your Will needs to name guardians, otherwise Social Services may decide who will take legal guardianship of them.
Why should I have a Will made by a specialist?
GPW Tax and Law understands how to reflect your wishes best in your Will in accordance with current law. We also ensure that your Will is correctly signed. An incorrectly signed Will could mean that your Will is invalid. We also produce additional documents that go alongside your Will to prove the validity of your Will.
We encourage you to take action now to write a Will that gives consideration to:
- Specifying whom you wish to inherit your estate, in what order and in what proportions giving you comfort in the knowledge that your wishes will be carried out.
- Making specific legacies to family or friends or gifts to your favourite charities
- Appointing suitable guardians for young children rather than leaving the decision to the Courts.
- Set up trusts for children to protect their inheritance until an age specified by you.
When is a Simple Will not enough for me?
A Simple Will is ideal if you:
- do not own your own house
- your estate (all your belongings and money) is of modest value
- your wishes for who inherits your assets are straightforward.
In these circumstances a Simple Will allows you to appoint the people you want to manage your affairs following your death, ensure any specific gifts go to the person or people you want and enable you to specify guardianship of your young children.
A Simple Will may not be the best option if:
- you own your house
- your estate value is above £50,000
- you have business assets
- You are concerned about care home fees
- you have a child (or other beneficiary) with special needs
- you want to protect the inheritance you leave your children from divorce, creditor claims and their own inheritance tax liabilities
- you have a blended family (children from different relationships)
In these cases it is worth discussing your options with one of our consultants to receive a more appropriate Will.
What if I already have a Will?
If you already have a Will, it is recommended that you review it every 2 to 5 years.
We offer a complimentary Will review to assess whether that Will still protects your assets and investments. Sometimes your wishes may not have changed, but the value of your assets and the law may have. As such it is very important to ensure that your Will does exactly what you want it to do and equally importantly that you have taken advantage of various areas of flexibility within the law of estate planning.
Secure Storage
40% of Wills go missing. Do you know where yours is? Do your executors or family know where it is?
If your ORIGINAL Will cannot be found when it is needed, then you will be considered to have died intestate (without a Will). The solution is to have your Will stored in a secure place, safe against loss, damage, fire or theft, and retain a copy at home.
In most cases secure storage is included in the cost if we prepare your Wills, Trusts or LPAs.