Having a will is the most significant part of any estate plan.
- It means it will speed up the administration process and reduce costs after your death
- It helps preserve your assets in the way you wish
- It helps determine who you wish to be the guardian of any minor children you may have at the time of your death
- It can help reduce the amount of Inheritance Tax that may have to be paid on the value of your property and the money that you leave behind
- If you have remarried, a will can ensure any children from your first marriage will still receive a share of your estate
- If you do not have a will in place upon your death it means the intestacy rules dictate how your estate is distributed
- It will ultimately save your family time and unnecessary distress during what will already be a difficult time for them
Things to consider when making your will:
- The best place to start is taking an inventory of your assets. Your assets include your investments, retirement savings, insurance policies, and real estate or business interests
- In terms of deciding who to include in your will, most people consider their partner or spouse, children, other family members, friends or their favourite charities
- The next step would be deciding on how you wish to split up the assets you have; what would you like to leave behind and for who; for example, who would you like to inherit your property or your business?
- Check if you will have to pay Inheritance Tax and how much you would have to pay
- Your funeral wishes
- Making gifts- you may wish to leave a specific gift (an item of jewellery for example) or a pecuniary gift (such as cash) for someone in particular
It is important to note that wills ought to be amended over time. Some of the factors affecting the need for an amended will are: if you were to marry, divorce, become a parent, cohabit with someone, own a new business or you receive a windfall of some sort.
Do not delay in making a will if you have not got one. HA Law can help you with this matter so get in touch with us by emailing info@ha-law.co.uk or calling 020 7788 7465 to speak to a HA Law Partner.
