Why do I need a Will?

We spend our lives working and saving to provide for ourselves and our loved ones yet are hesitant when it comes to ensuring that our hard work is protected after we die.  There is often a superstition/fear attached to Will making that we are ‘temping’ fate when in reality it is one of the most sensible decisions we can make.

Too often we hear “my family will sort out the estate as they know exactly what I want to happen.” However the person appointed to deal with your estate may not necessarily be the person you thought it would be.

A  Will is vital if you want to ensure that your wishes will be carried out in the event of your death.  It is particularly important if you have children, you own property, have savings, investments, insurance policies or you own a business.

Making a Will can give you reassurance and peace of mind that your estate will be distributed according to you wishes and at a time when you believe your beneficiaries should inherit.

It also prevents disputes amongst the family as you have expressed your wishes in a formal document making it clear who you want to inherit from your estate.

Failure to make a Will can pose major difficulties for those left behind, for example someone (usually a family member) will have to apply to the Court to be appointed as an Executor.  The Executor will also have to arrange for a compulsory insurance policy, known as a Bond of Caution, to be put in place.

Putting a Will in place should not be a lengthy or costly process and a properly drafted Will may also save your estate/family substantial cost and can be a crucial part of your overall estate planning or Inheritance Tax strategy.

You can always change your Will as people’s personal circumstances change over the years.  As long as you have capacity to understand the changes and instruct on these, your Will can be amended at any time.  If you already have a Will in place we recommend that you review your Will every 3-5 years or on any life changing events i.e. births, marriages/divorce and death.

If you wish to discuss in more detail, please get in touch and a member of the team would be happy to talk to you.

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.