"I know I should..."
"I know I must..."
"I haven't got anything to leave..."
"It's too expensive..."
"I will get around to it when I have the time..."
Everyone knows what a Will is, but how many people know how it works and what it can do? Whilst definitions can be dull, the usual one for a Will does sum up the subject well. It is:
‘A legal declaration of an individual’s intentions as to how he or she wishes to dispose of their property after death’
Thus, a Will only takes effect on death and can be cancelled or altered at any time before death, provided the person making the Will is of sound mind.
If a valid Will is not in place when someone dies, their estate (money, property and other belongings) will pass under the Intestacy Laws which state which of the deceased’s living relatives should inherit and in what quantities. If there are no living relatives, the Government may take the estate.
IMMEDIATELY, YOU CAN SEE ONE OF THE PRINCIPAL REASONS FOR MAKING A WILL. THE DECEASED MAY HAVE HAD LIVING RELATIVES BUT HE MAY:
Not have wanted the person(s) chosen by law to inherit his estate
Not have wanted any of his relatives to benefit
Have wanted certain relatives to have inherited different sums of money
IN MAKING A WILL YOU NEED, IN PARTICULAR, TO:
Decide to whom you want to leave your Estate and in what proportion
Consider whom you would wish to appoint as a reserve beneficiary if your first choice were to predecease you. All Wills should make provision for reserve beneficiaries
Choose who will be the executor(s) of your Will. An executor is responsible for administering your Estate in accordance with the terms of your Will
If you have young children, consider the provision of a guardian.
Determine what will happen if you die first or you and your partner, spouse etc. die at the same time
Have given thought to whether you may be liable to inheritance tax
HERE ARE SOME ALARMING STATISTICS:
More than 4 in 5 co-habiting couples have not made a Will*
79% of households with dependant children have not made a Will*
Over 16,000 people between the ages of 20 and 44 died in 2015, a ratio of 1 in every 1000 in that age group^
58% of people in the West Midlands did not know if they had a valid Will or not.~
*National Consumer Council
INHERITANCE MATTERS CAN SHOW YOU ILLUSTRATED EXAMPLES OF HOW THESE WILL TRUSTS CAN WORK TO YOUR ADVANTAGE.
CALL US TODAY ON 01384 878950 TO DISCOVER HOW WE CAN HELP YOU.
ALTERNATIVELY, CLICK HERE AND COMPLETE THE FORM TO GET IN TOUCH.