Why Make a Will?
It is estimated that only 4 in 10 people in the United Kingdom have a Will. Midwinters Partner, Mark Lynham (mark.lynham@midwinters.co.uk ), explains the risk of not making a Will:
Making a Will is something which many people put off until it is too late. This means that whatever they leave behind might not pass to those who they would want to benefit. It also means that the person administering their estate might not be the person they would have chosen.
The estate of anyone who dies without leaving a valid Will is distributed according to the Rules of Intestacy which is an order of priority set out by law. Therefore, by not making a Will, the decision as to who receives your estate after your death is taken out of your hands and may result in your money passing to someone who you would not want to benefit.
For example, if you and your partner are neither married or in a civil partnership, then the Rules of Intestacy would make no provision whatsoever for any of your estate to pass to your partner. This could have serious consequences in the event of death and may leave the surviving partner without sufficient financial provision.
Also, without making a Will, the Rules of Intestacy could have the effect of increasing the amount of Inheritance Tax your estate will have to pay whereas making a Will can incorporate tax planning measures to reduce or even eliminate such a liability.
The Rules of Intestacy also determine who will be able to administer your estate and, again, this may result in someone unintended being given the ability to deal with your assets after your death.
There is a particular benefit to parents making Wills as they can use their Wills to make arrangements for their children in the event of an untimely death.
This is a brief summary of the many good reasons for making a Will.
At Midwinters, we can offer an obligation-free initial appointment and can tailor our services to suit your particular circumstances. Please call us on 01242 514 674 to discuss further.
