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FIVE REASONS TO MAKE A WILL 1 To appoint one or more people you trust to administer your estate (known as executors); 2 To provide for an unmarried partner, who wouldn’t otherwise inherit if you did not leave a legally valid Will; 3 To appoint a person or persons to look after your children (known as guardians); 4 To ensure that your personal possessions, such as family heirlooms or items of sentimental value, are inherited by those you would wish to receive them; 5 To ensure that your pets are looked after.
single ‘right’ time to make a Will, but it is something that should be considered regularly – even if you already have a valid Will in place, you should review the terms of your Will on a regular basis to ensure it is still an accurate reflection of your wishes.
SHOULD I MAKE A WILL? Phil Hodges, of Lings Solicitors, offers some advice on the importance of getting your affairs in order ) I know this is not the most exciting thing you’ll ever read, and maybe the last thing on your mind, but the fact is, no one knows what your wishes are without a Will.
A Will is a legal document, which sets out who will inherit your estate after your death. If you have a partner or a close friend or relative who has some indication of your wishes and you feel that’s enough for them to deal with your affairs on your death, then this couldn’t be further from the truth. A Will is the only way to ensure your wishes are legally binding. Even if you are clear to your friends and family what you would want to happen, that doesn’t necessarily hold any legal weight unless you put it in a Will. Your estate can be more exposed to potential disputes when there is nothing legally drawn up by a professional to ensure a) everything is legal, and b) the advice is independent without any inferences of undue influence. Many people consider making a Will when they reach certain ‘milestones’ in life, such as buying their first house, tying the knot, having children, or retirement. I am approached by people at varying stages of life who have decided to make a Will to ensure that their affairs are in order to reduce the burden on their loved ones when they have gone, and everywhere in between. The truth is there isn’t a
As part of the Will writing process, the team at Lings Solicitors can also advise on the most tax-efficient way to distribute your assets. Inheritance tax is often referred to as the ‘optional tax’ as, with proper planning, the inheritance tax liability could be significantly reduced or even completely eliminated. If you die without a valid Will then the law dictates who will receive your estate, known as the ‘intestacy rules’. These rules are very strict and do not make any allowances for your individual circumstances. More recently, with the growing number of couples choosing not to marry or enter into a Civil Partnership, there has been strong criticism of the intestacy rules for not allowing any provision to be made for surviving cohabitees. Although there have been calls for reform over the years no changes have yet been implemented. You can prepare your own Will, however be cautious when using a DIY at-home Will kit or standard template, as these ‘one-size-fits-all’ documents do not take into consideration your individual needs and circumstances, and could mean that your estate is not distributed in the way you had intended or vital inheritance tax reliefs are missed. Your Will could be one of the most important documents you ever sign, so it is essential that it is right for you and your loved ones. Often the reason for putting off making a Will is that it can seem a daunting task. My team at Lings Solicitors are legally qualified with years of training to advise you, and as a legal firm we are regulated by the Solicitors Regulation Authority to ensure high standards to protect you. We are praised by our clients for making the process friendly and straightforward. We endeavour to use simple, jargon-free language wherever possible and take the time to make sure our clients understand all the options available and help them to make the best decision for them. We have even been told that we have made the Will writing process a ‘pleasure’. Now wasn’t that a fun read? Tell your friends and family - they may be thanking you one day.
Other Legal Services
If you would like to discuss making a Will or any other legal matter our team will be happy to help. To contact them: N call: 01903 700303 E or email: reception@lings-solicitors.co.uk D or visit: www.lings-solicitors.co.uk
Lings Solicitors offer a range of other legal services including: • Powers of Attorney • Deputyship and Statutory Wills • Trusts • Estate Administration • Lease Extensions • Residential property • Commercial property • Landlord & Tenant
