Making a Will lets you leave clear instructions about how your estate is to be distributed amongst those who you wish to inherit. Without having a Will in place, your estate would be subject to the ‘intestacy rules’ which set out a specific order of entitlement. The person legally entitled to your estate may not be the person or people you would want to inherit therefore it is essential to seek advice about making a Will.
Reasons you should consider making a Will include:-
- Appointing your Executors. They are the people who would ensure that the wishes within your Will are actually carried out.
- Appointing Guardians for your children. The appointment of Guardians in your Will has legal effect should you die whilst your children are still under 18. It would also allow you to make financial arrangement for their benefit.
- You can make specific gifts to particular people. This gift could be a sum of cash or a personal item of yours.
- Leaving your estate to your partner if you are unmarried. There is no provision in the intestacy rules that provide for unmarried couples and therefore in the event of your death your partner could be faced with seeking to make a claim against your estate which may be disputed by the beneficiaries entitled under the intestacy rules.
- If your estate is divided according to the intestacy rules, your spouse may not receive all of your estate. This is because the intestacy rules ‘cap’ the amount your spouse will inherit if you leave surviving children who would also be entitled to a share in your estate.
- The absence of a will can sometimes lead to family disputes.
- There are sometimes inheritance tax advantages to making a Will and it is important to seek further advice about this.
A standard Will with us can cost as little as £108 inc VAT.
We offer free home visits local to our offices in North Shields and Jarrow.