It is approximated that 60% of the UK adult population do not have a Will. We all know we should have one but not enough people are having them drafted. Many Wills are invalid.
A Will is essential for anyone who has children, property or financial investments.
If you want to be sure that your wishes are met then you need to have a Will drafted and ensure that any Will you have is up to date.
A Will is a legal document that states:
★ Who benefits from and can use the assets from your estate
★ How your property is to be dealt with
★ Which of your trusted friends or family is in charge of distributing your estate, your Executor.
If you do not have a Will then you die intestate and your estate is distributed according to the rules set by law. These rules do not cater for your specific wishes and can mean family members may benefit when you would prefer them not to do so. In some circumstances your assets may go to distant relatives you have never met or even pass to the Crown. The number of those dying intestate is rising rapidly.
Within your Will, you can also specify:
★ Any gifts, such as jewellery, paintings and alike;
★ Who the trusts people to manage, organise and distribute your estate are;
★ Any charity donations;
★ All non-family beneficiaries;
★ Any trust planning to ensure that your wishes are met even after you die; and;
★ Your funeral arrangements and ensure it is paid for.
Your Will can help you:
★ Avoid “sideways disinheritance”, if you have remarried or have children from a previous relationship
★ Potentially reduce your Inheritance Tax (IHT) liability
Making a Will can be quick and easy when you receive the right guidance and especially when you have a specialist to help you complete each step from start to finish. At Farani Taylor Solicitors our Will writing Solicitors can discuss your wishes, offer guidance and help you to make a Will that’s right for you and your circumstances.