Why do I need a Will?
There are five reasons you need to make a will:
- 1. Writing a will is vitally important if you have children or other family who depend on you financially. Unmarried partners and partners who have not registered a civil partnership cannot inherit from each other unless there is a will, so the death of one partner may create serious financial problems for the remaining partner.
- 2. A Will can set out your funeral arrangements, and appoint guardians for minor children.
- 3. Sorting out your estate can be very stressful and time consuming for your relatives at a time when they are still grieving. A Will means that it is much easier and quicker for your family to sort things out after you have gone.
- 4. A Will allows you to decide exactly what you want done with your possessions. If you haven’t left a will, everything you own will be distributed in a standard way according to the law.
- 5. Writing a Will can reduce the amount of Inheritance Tax that might be payable on the value of the property and money you leave behind.
What happens if I don’t write a Will?
The law will dictate who is to benefit, and your estate may end up with unknown relatives, or ultimately, it could end up passing to the Crown. The process of tracing potential beneficiaries can sometimes take years, during which time; no one can access your accounts or look after your property.
Who needs to make a Will?
Every adult needs to make a Will even if you do not have any assets of value to leave because a Will deals with much more than leaving your possessions.
Do I need a Will if I don’t have anything valuable to leave?
Your Will can set out your funeral arrangements, it can appoint guardians for minor children, and you can be assured that whatever possessions you have, will be passed to the people that you wish to benefit.
How much does it cost to write a Will??
Writing a will needn’t be very expensive. SLS Wills and More offer a range of Wills from Simple Wills to Estate planning. We have a fair and transparent pricing policy and always confirm our fees before we proceed.
CASE STUDY: I don’t have much money, but want to make sure my child is looked after…how can I do this?
Miss B rang me to enquire about making a Will. She told me that she was a single mother to a 2 year old, and recently she had lost a friend who was in a similar situation. Her friend had not made a Will and her children had been uprooted by her children’s father and sent to live with his parents. Her friend’s sister had not even been given a chance to be considered as a carer for the children. Their father had not had much input into their care arrangements since he had left a few years ago, and it was their aunt that their mother had relied on to help out. The children had wanted to live with her not grandparents they barely knew.
Miss B was extremely worried as her child’s father had left before her child was born and had never made contact to see his child. She had no idea if he had any family and if anything happened to her, she wanted to make sure her family would look after her child. She didn’t own any property or have much money, but wanted to know how she could make sure that her family were involved. Simply, she needed to make a Will to leave her most precious child to the people that she knew and trusted to look after her child.
A Will is not only about leaving money and property, it is also about making plans to look after those who are important to us, be it children or animals, we should make provision for those who cannot look after themselves, even if we do not have much money to leave them.
Not only is it important to consider who looks after your children, but you should also consider who would look after your pets.
Some rescue organisations make it part of their contract that they should be returned to them in the event that you cannot look after them, so you may wish to ensure that this is recorded somewhere rather than leaving your Executors to deal with them.
Make sure you know they’ll be safe.
Help make it easier for Executors to deal with your estate.