Why do I need a will?
- Everyone should have a Will, but 2 out of 3 people have not yet made a will and those that have, may not have the correct will in place.
- An estimated 70,000 people per year have to sell their homes to pay for care.
- A large proportion of any inheritance is lost in future divorce settlements, to creditors or bankruptcy and unnecessary taxation.
- If you own a business or a share of a business, then your spouse/partner and children may not inherit your share of a business.
Recently Remarried?
Did you know that existing Wills are automatically cancelled after marriage?
- Unless specific provision is made within a Will, and this usually happens only when a couple are about to get married, any pre-existing Will becomes invalid following marriage.
- This can mean that children from an earlier relationship may lose their intended inheritance.
- With no valid Will in place, the spouse will be the primary recipient on the death of the either party.
Protecting your wealth
The vast majority of people put off making a Will for a variety of reasons. It's not a comfortable subject to discuss, especially with your family and perhaps friends. Some people believe that the people they want to inherit will do so automatically. Some people don't think it is relevant to them at this particular time. Sadly, unexpected deaths DO occur and the family is often traumatised not just at the loss of a loved one, but also with the task of sorting out who gets what. If there are young children or disabled adults in the family, this can lead to extra complications as these classes of individuals need special arrangements in place to look after their inheritance.
The reality is that you can put off making a Will until it is too late, and this poses all sorts of problems for the people left behind. It could mean that some, or all of your inheritance, either goes to the wrong person or to the state.
Everyone needs to make a Will. In particular, anyone with dependent relatives must do so. Anyone who owns a property or has any type of asset which you would wish relatives, friends, or charities to benefit from should also make a Will.
Making a Will enables you to plan exactly what will happen to your property (estate) following your demise. This ensures that those you would like to inherit actually do so, in accordance with your wishes and at the same time avoiding any disputes between relatives.