22nd April 2020
10 COMPELLING BENEFITS OF PREPARING A WILL
The concept of preparing a Will can seem daunting and let’s face it, nobody enjoys raising the subject of their eventual death among loved ones. For the procrastinators among us, it’s often overlooked as ‘something I must get around to doing when I have time’ and for many, that time never comes. You can read more about that scenario in our article titled ‘What is Probate?’.
Another common justification for avoiding the process is simply the assumption that it wouldn’t be a necessary thing to do for someone who doesn’t own high value assets.
At Elizabeth Middleton Solicitors, we specialise in Will Writing and helping our Clients understand the importance of documenting even the most inexpensive assets which may have huge sentimental value to a loved one following their death.
In this article we share 10 compelling benefits of preparing a Will as we aim to bust a few myths on the topic and demonstrate the importance of writing even the simplest of Wills.
- To ensure that on your death, your estate passes to beneficiaries of your choice and excludes you specify. This can include specific sentimental items that you’d live a nominated person to receive.
- To save your heirs from considerable time, trouble and expense incurred as a result of you not having a Will.
- To make sure that your assets are passed to the partner you live with in the event that you’re not married or in a registered civil partnership. The law doesn’t automatically recognise partners who live together and without a Will in place, your partner could be left with nothing.
- To protect any children or dependents who may not be able to care from themselves. Without a Will, there could be uncertainty about who will look after and provide for your children or dependants following your death.
- To legally document any changes to your circumstances e.g. marriage, divorce, separation or children. Changes to your circumstances could make all or part of a previous Will invalid or inadequate.
- To help ensure that your heirs save significant amounts of inheritance tax and to understand how inheritance tax affects what you own.
- To plan efficiently for tax purposes regarding any property you own outside of the UK.
- To manage any tax and administration issues if you were born outside of the UK or if you have long term connections outside of England & Wales.
- If You have assets that could be put into trust before your death. Wills only take effect upon death and it may be appropriate for you to put assets into a trust during your lifetime as this could have significant tax benefits.
- If you made a will without the help of a trusted expert, you may have made a mistake which may cause problems for your family or friends after your death.
If you have any questions about the necessity of preparing a Will or updating an existing Will in relation to your personal circumstances, please contact Elizabeth Middleton Solicitors based on Woodley for trusted advice and a professional and respectful service.
Tel: 0118 343 2737
Email: [email protected]