Why should you make a Will?

Quite simply - because everyone wants to enjoy peace of mind.

Without a Will, the laws of intestacy apply which means that on your death your wealth is divided and distributed to your family in accordance with certain rules. This may not necessarily mean that your possessions and wealth passes automatically to your spouse, as many would assume or expect!

Having a valid Will is something everyone should make as it means that your wishes will be carried out exactly as you want them to be.

A Will allows your financial affairs to be dealt with quickly preventing unnecessary financial hardship for your partner and family. Without a valid Last Will and Testament, obtaining Letters of Administration and appointing an administrator, can take months or sometimes even years. In the meantime your surviving spouse or partner has all the usual household, weekly, monthly, and daily expenses to find and they will probably be on a reduced income, all at a time when they most need reassurance.

It is equally important to have a Will if you are unmarried, or in a same sex relationship. If a partner dies without a Will then their estate automatically passes to their blood relatives, not to their partner.

Without a Will:

  • You will have no say about how your money and possessions are divided when you die
  • Your partner or family may suffer unnecessary financial hardship at a time of emotional distress
  • There may be Inheritance Tax to pay that could have been reduced or mitigated entirely
  • You will not be able to leave particular family heirlooms to those you wish to have them
  • You will have no say about who will look after any young children
  • Someone you have never met will deal with your affairs rather than trusted friends, relatives or other chosen Executors
  • You will not be able to give any special instructions or wishes about your funeral, burial or cremation
  • Any partners or family may not be able to carry on your business, which may cause it to collapse

There are some simple steps you need to take to make sure you have a valid, clear and legally binding Will.

A valid Will is a legally binding document, which often uses legal language (you may find our Glossary helpful), but in the majority of cases a Will is a straightforward expression of what you want to happen to your money and other assets after your death. Even if your circumstances are more complicated, a professional Will writer can make sure your wishes are expressed in such a way as to leave no room for any misunderstanding.

However, because it is a binding legal document it is not something we would suggest you attempt to do without professional advice. At best your wishes may not be reflected and at worst the Will may fail because your wishes are not clear and legally acceptable.

Here at Lifetime Estate Planning we offer a personal and professional service to make sure your wishes are clearly understood by us before your Will is written and, more importantly, clearly understood in the event of your death.

We will guide you through all the important legal formalities from signing and witnessing your Will, through to advice on appointing Executors and Trustees who will handle your affairs after your death. Additionally, as writing your Will is not the only important step you need to take - you also need to make sure it is in a safe and easily accessible place - we can also provide this service for you.

There are a number of other areas you may wish to consider, depending upon your circumstances. For example the use of Trusts for Inheritance Tax purposes, or planning for the cost of Longterm Care, or you may require a Lasting Power of Attorney or the use of an Advance Directive. All these considerations can be found in Other Services.

Whatever your needs, Lifetime Estate Planning will take care of your affairs.

So, do something today for peace of mind tomorrow – contact Lifetime Estate Planning today.