If you don’t make a Will, the Intestacy Rules will govern how your estate is divided up when you die. They determine which of your relatives receives how much and can lead to some nasty surprises.The Intestacy Rules do not provide at all for your friends or even for a partner who you may have lived with for years – they will inherit nothing. Under the Intestacy Rules, your step-children are not counted as your children and will inherit nothing – even if their other parents have already died. It is only by making a Will that you can specify who will get what amount, e.g if one of your children needs more money than the other, and when children inherit. Coming into a large amount of money whilst still a teenager may not be the best for them, but under Intestacy Rules they will inherit at eighteen years of age regardless of their financial maturity.
You can also appoint Guardians in your Will so that your children will be looked after by someone who cares for them. Without a will, family members may have to go to court to get permission to look after them. While this is sorted out, your children may go into care temporarily.
Intestacy Rules don’t allow you to leave gifts to charity. But by making a Will you can specify a set amount or a percentage of your estate for charity – it’s a great way to say “thank you” for the work they do and helps save inheritance tax.
When you die, someone will need to deal with the practicalities. If you don’t make a Will, you have no control over who this will be. It will usually be a family member. If you make a Will, you can choose who you would like to deal with things. You may prefer to appoint a professional, such as a solicitor or accountant – someone who will not be suffering the distress of bereavement.
Making a Will gives you enormous peace of mind. We will tailor-make your Will so that it reflects what you would really like to happen to your assets following your death. We specialist a will make sure your Will is tax-efficient and can explain the legal jargon in friendly, plain English terms.