The importance of writing a Will
Whether you are 18 or 80, if you have assets and wealth that you would like to pass on to a specific recipient then writing a Will should be a top priority. Without a valid Will your property will be distributed according to intestacy laws which may mean that your wishes are not carried out.
When should you write a Will
It’s a common misconception that Wills are only for the elderly; that you only need to prepare for the inevitable when you are older. However, if you have property in your name, investments or a savings account and you want to ensure your loved ones are looked after, then a Will is the best method of making sure your wishes are upheld should you die unexpectedly.
Anyone can make a Will from the day they turn 18. However, it is important to make sure you are creating a valid Will and, once drafted, you must also keep your Will up-to-date if and when your circumstances change. Any alterations you make will need to be drafted and witnessed correctly if the document is to remain valid.
What can a Will do?
While a Will may be primarily concerned with distributing your estate upon death (i.e setting out who gets what) your Will can also address important issues such as how vulnerable adults may be cared for. You can use a Will to set up a trust for your children or to ensure your parents are financially cared for.
You can also use your Will to name guardians for your children and to specify how business assets will be handled.
If I die without a Will, won’t my partner get everything?
Not necessarily. There is a common misconception that if you live with a person, they will automatically benefit from your estate if you die. This is not the case, especially if you are not married and/or you have children with that person or from a previous relationship, or if you are the sole owner of the property that you and your partner live in.
When intestacy law is applied (when there is no Will), a cohabiting partner may receive nothing from the deceased person’s estate, while their partner’s children from another relationship or even their parents get everything.
Can I write a DIY Will?
There are numerous platforms on which to create a Will, but not all Will writing services will ensure a qualified solicitor checks that the Will is suitable for your needs or that the final document is valid.
There are many scenarios and situations in which a basic Will may not be suitable and it will only become apparent when you are gone that the people you wish to benefit from your estate may not do so at all or as fully as you had wished. Although Residence Nil Rate Band (RNRB) adds a specified amount to the standard threshold of £325,000 for direct descendants, beneficiaries of those with assets valued at above the exempt sum will have to pay Inheritance Tax (IHT) unless a clear estate planning strategy has been put in place.
What type of Will do I need?
The most appropriate type of Will for your circumstances will depend on a number of factors. For instance, if you reside outside of the UK, have overseas property or assets, have financial dependants or have children from more than one relationship, then it is essential that an experienced estate planning solicitor evaluates your situation to assist you when drafting your Will.
Similarly, if you are cohabiting with someone, but are not married or in a civil partnership, the importance of having Wills cannot be stressed enough, especially if you share a property and have children together.
How can Wellers Hedleys help?
Talk to Dawn Pearce about our Will and estate planning service in Surrey. We can assist you with a package of Wills for all sorts of situations; from simple, affordable Wills for young people with children, to complex wills for people with vulnerable dependants, business assets and/or high value assets with a need to mitigate IHT.
Choose the Will that best suits your situation:
Creating a Will may seem like a daunting prospect, but please don’t let that put you off preparing this essential document. Here at Wellers Hedleys we will be happy to help you.
Wellers Hedleys – Will Writing Services in Surrey
In the present environment, you may wish to arrange your Will with Cara through phone and video conferencing. You can find out more information about how to do this using our Wellers Connect Will service.
We have created a useful brochure which you can download by clicking on the link below.
For guidance and legal advice relating to creating a Will or Wills trust please contact Wellers Hedleys today.
Cara and a dedicated team of estate planning professionals can assist you professionally and courteously from start to finish; from initial drafting of your Will through to ensuring it is witnessed correctly and then stored safely. We can also help you create lasting powers of attorney and we provide full probate and estate administration services when the time arises, and this means you can rest assured that your loved ones will be in good hands.
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