The Importance of Making a Will
Most of us would rather not think about our own death and maybe this is the main reason why over 60% of us die without having made a Will.
There are, however, many good reasons for making a Will:
- It is the only way of making sure the people you want to inherit your estate actually do so. Do you want your spouse to have to share your estate with other relatives?
- Cohabitees are not recognised by the intestacy rules. If you die without having made a Will, your partner will not automatically inherit any of your estate. 6 out of 10 cohabiting couples mistakenly believe they have legal protection as "common law man and wife", but this is not the case. Civil partnerships for same sex cohabitees have been recognised since 2005 and these give registered couples inheritance rights, but it will still not alter the position for cohabitees of opposite sexes.
- Tax planning; for a married couple, careful drafting of a Will can ensure that inheritance tax (IHT) is kept to a minimum.
- Trusts; under a carefully drawn Will, you can set up trusts for beneficiaries under age or for beneficiaries with some form of handicap.
Why use a Solicitor to make a Will?
Home made Wills can be disastrous, leading to considerably more expense than necessary.
Some Will writing companies are unregulated and do not offer the consumer protection that a solicitor does.
A carefully drafted Will drawn by an experienced solicitor can save considerable sums of money by reducing IHT, and give you peace of mind in ensuring that your wishes will be carried out. Time, however, does not stand still and it is necessary to keep your Will under regular review.
