Why make a Will?
Most people think they are too young or are not sufficiently well off to need to make a Will, or that the law of intestate succession, which applies if there is no Will, somehow will ensure that the estate will pass to the persons they would wish to favour. Both assumptions are incorrect. A young person is likely to have young children, so proper provision in a Will should be made for them; and there are rigid rules determining who succeeds to an estate if there is no Will, and these are unlikely to result in what a person would have intended to happen. It is important to bear in mind that cohabitants and step-children will not automatically benefit from an intestate estate.
In contrast if you make a Will you will be deciding what happens to your property after you die and can ensure:
(a) You decide who should ingather and distribute your estate (known as the executors)
(b) You nominate someone to look after your young children
(c) You may be able to reduce or eliminate Inheritance Tax payable on your death
(d) You avoid disputes over your property from the children of different relationships
(e) You make proper provision for your spouse, civil partner or cohabitant, children and grandchildren
Your estate will include your home, business, savings, insurance or pension policies, personal possessions and also any second home.
We will advise on the most appropriate form of Will to your circumstances, which may involve the inclusion of trust provisions to ensure a surviving spouse, civil partner or cohabitant has a protected interest in the use of the estate, with the capital passing to children or other relatives at a later date. If you feel it will be advisable, we will also provide executors to assist your family members in dealing with your estate.
To assist us in advising you please request the appropriate questionnaire by completing our Contact Form
Key Contact – Allan Nicolson
Allan is a member of STEP – the Society of Trust and Estate Practitioners