Please take a moment to listen to Sue Medder from the recent BBC 2 series ‘You can’t take it with you’ for a frank and informed opinion as to why a Will is such an important document.
Why make a will?
It is important to understand the importance of making a will and keeping it updated as circumstances change.
Just a few of the reasons are:
Your partner may not automatically inherit.
It is a commonly held belief that if a couple have been living together for over 2 years, automatically the surviving partner will inherit their assets in the unfortunate event of one partner dying. This is not the case unless a will has been written and legally signed and witnessed.
By making a will you decide who will benefit from your assets when you die.
Guardianship of children under 18 may be unclear, leaving the courts to decide their welfare.
By making a will you decide who looks after any children.
You ensure that your children are not disinherited by the remarriage of your spouse.
Your home may be sold without your consent and the proceeds used for care home fees.
By making a will you can safeguard your assets for your family.
Your loved ones could be liable for a 40% tax bill.
With the right estate planning you can avoid onerous tax liabilities.
A special gift, intended for a child, friend or charity may not reach them.
By making a will you decide who will administer your assets ensuring gifts and legacies will reach the intended beneficiaries.
By making a will you are able to make sure that your pets will be taken care of according to your wishes.
By making a will you are ensuring that probate is granted to your executors as quickly as possible. Meaning your beneficiaries will inherit without delays that could otherwise last for years after your death. Long delays could cause extreme hardship and stress as well as be catastrophic to the ongoing running of a business.
PROBATE - We work closely with the 2nd biggest provider of Probate and Estate Management Services in the UK.
Family Wills Surrey is Member of the Master Guild of Will Writers.