1.Your Will appoints Executors, who are entrusted by you to administer your estate after you die. If you die without a Will Executors will need to be appointed through a court process and in many cases an insurance premium has to be paid. That may cost your family more than the cost of making your Will now.
2.The people you want to benefit can be provided for. Without your direction on this the law takes over and your Executors have no option but to pass on your assets according to that. If you are in a second marriage, have stepchildren or are a cohabitant it would be wise to find out how this may affect you.
3. You can get advice on the legal rights which may apply. Your spouse and children have certain rights even if you make a Will (and others if you don’t) so it is important you understand how these apply and the sort of assets which will be affected. That way you can decide if you want to change the mix of assets you currently have.
4. You may have particular items you want to bequeath and, if you may be survived by your animals or pets, you really should think about who would be willing and able to take them on.
5. You can be charitable! Leaving legacies to charity is a good way of acknowledging help you or a family member may have received during your lifetime and it is a valuable source of income for the charity. Plus it can have tax benefits if your estate is liable to Inheritance Tax.
6. You may be able to save your family some inheritance tax through setting up your Will in a certain way. Your estate may not be facing a tax bill – and you may not be concerned even if it is – but, like everything else in life, it’s good to know the facts.
7. It is not as difficult as you may think. Generally speaking – of course there are exceptions – we have a meeting for about an hour so that we can understand your personal circumstances and then the Will is prepared for you to check and sign. An hour well spent!
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The information and opinions contained in this blog are for information only. They are not intended to constitute advice and should not be relied upon or considered as a replacement for advice. Before acting on any of the information contained in this blog, please seek specific advice from Gilson Gray.