MAKING A WILL IS IMPORTANT AND RELATIVELY INEXPENSIVE
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Making a will gives you the opportunity to:
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Say who you would like to receive your property on your death
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Make your wishes known to your family and friends and, therefore, make matters easier for them at a difficult time
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Appoint an Executor to administer your Will. Financial institutions are generally much more willing to co-operate with an Executor named in the Will
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Say who you would like to look after your children if you die before they are 18
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Take advantage of the Inheritance Tax regulations prescribed by the government. If your total assets exceed £285,000 then it is likely that Inheritance Tax will be payable.
WHAT HAPPENS IF I DON'T MAKE A WILL?
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Your husband or wife will not necessarily inherit all of your Estate. Instead, they will inherit a fixed sum and the remainder will be paid to your children
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If you are not married, but have a partner, they may not be provided for
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You will miss the opportunity of leaving your money to the friends, family or organisations of your choice
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Delay the administration of your estate which may cause confusion and possibly dispute amongst your children or relatives
WHAT HAPPENS IF I GET MARRIED OR DIVORCED?
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If you get married, your existing Will is normally revoked (cancelled completely)
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If you get divorced, the parts of your Will relating to your former husband or wife normally become ineffective
DO I NEED A SOLICITOR OR CAN I WRITE MY OWN WILL?
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Many Wills fail (become invalid) because the proper procedure for signing and witnessing a Will has not been followed.
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Certain, commonly used words, such as "money" can cause great difficulty when your estate is distributed.
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If money is left to children (or grandchildren) under 18, there will be restrictions on the way money or property can be used for their benefit. A properly drafted Will gives you the opportunity to change this.
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If you have a child or other relative who is dependent on you and who is mentally or physically handicapped, we strongly advise you to discuss provision for them with a solicitor.
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If your total assets exceed £285,000 we strongly advise you to discuss the Inheritance Tax position with a solicitor or an Independent Financial Adviser.
Please follow the link to our Private Client Price Guide
COMPLETE OUR ONLINE WHAT NEXT? QUESTIONNAIRE OR
EMAIL private@mcewens.co.uk OR PHONE 01793 649266 FOR
FURTHER INFORMATION
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