Timms Wills & Probate Solicitor, Keith Baldock-Grimes, gives 10 reasons for making a Will:
10 Reasons to Make a Will
1. Not only does your Will ensure that your property passes to your chosen beneficiaries it can also stop your estate passing to blood relatives who you may not wish to inherit under the rules of intestacy.
2. Your Will lets you appoint someone who you trust to act as your executor.
3. If you have young children you can appoint a Guardian to look after them until they are 18.
4. You can use trusts to look after money for young children or to protect your money from spendthrift relatives.
5. The Will can be used as a tax planning tool (probably in conjunction with some lifetime tax planning.)
6. If you have a beneficiary who needs help with their affairs you can set up a trust in the Will to protect their interests.
7. There may be people who could claim against your estate if you do not make reasonable provision for them. If you talk to your solicitor they can be identified and measures put in place to reduce the risk of a successful claim.
8. The intestacy rules do their best but they assume that all families get on well with each other and, contrary to popular belief, not everything will pass to a surviving spouse if the estate is above a certain threshold and children are involved. Unmarried couple have no automatic rights of inheritance no matter how long they have been together.
9. You can take measures to protect your assets from care fees and remarriage if you take the appropriate advice when making your Will.
10. Making a Will makes things easier for your family and your beneficiaries and shows that you care about them.
How Can Timms Help?
If you would like any help with writing or updating a Will, please give me a call on 01283 214231.
