Why do you need a Will?
- You decide how your family, friends and charities should benefit
- You can appoint guardians for your children while they are under 18
- You decide who shall act as executors and administer your estate
- You may be able to reduce the amount of Inheritance Tax payable on your death
- You can make your own provision for young children and select the trustees who look after their inheritance until they are of age
What happens if you don't make a Will
- Your estate will be distributed according to strict rules of Intestacy, which are based on blood relationships and marriage. The Intestacy Rules take no account of whether the beneficiaries are known to you - you may not have met them and you may not even be aware of their existence.
- Your spouse may not receive the whole of your estate
- If you are not married your partner will not inherit any part of your estate
- If you are separated but not divorced your spouse will still be regarded as your next of kin and will inherit all or part of your estate.
- You cannot make provision for friends or charities
- The persons you would wish to administer your estate may not be entitled to do so
- Inheritance Tax may be unnecessarily payable out of your estate
- If you die with no surviving members of your family, the whole of your estate goes to the Crown (i.e. the Government)
But what about your business?
What would happen if you, or one of your co-owners died or had to retire through ill health.
- Have you got a business will?
- Do you have a succession plan?
- Have you established a process that will ensure that the business could be bought by the remaining co-owners for a fair price?
If not, it might be worth thinking about what the consequences could be for you, your family or your business and check out our Business Wills Section.
"Our Wills Service can help you to protect and provide for your family and loved ones."
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