Most of us don’t like to think about what will happen in the future, so making a Will can fall to the bottom of the list. But having a Will, and keeping your Will updated, has a real impact on the future of your loved ones.
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Not only does it help determine who gets what, your Will can have impact on tax liability, it can let you name who should after your children if they are under 18 when you pass away, and it can prevent confusion and complication after you are gone.
Making a Will is an essential step to protecting the future, even more so in times of uncertainty. If you want to make your Will, you can contact us today – we’re here to help.
How making a Will can protect your loved ones
There’s a number of ways that a Will can help you ensure that your loved ones will be protected in the future.
Naming a guardian lets you decide who should have parental responsibility for your children should they be under 18 when you pass away.
Choosing an executor, or multiple executors, means that you can decide who is responsible for the administration of your estate (also known as probate).
Deciding who receives what – you can set out exactly who should benefit from what part of your estate, meaning you can also leave something to charity, as well as friends and family.
Why is making a Will is so important?
With your Will you are able to take control over important parts of the future, but it also means that you can avoid a great deal of pain and confusion that can be caused by not having one.
If you pass away without having a left a Will, the Rules of Intestacy decide who gets what. These rules set out that the first £270,000 of your estate go to your married spouse or civil partner. The rest is equally divided between your children and your partner.
This may put your loved ones in a position that you did not intend to, it could lead to an avoidable inheritance tax liability, and potentially a dispute between the surviving spouse and children, particularly if you are estranged from any of your children.
Having a Will can protect you from these eventualities.
Making a Will is an essential step to protecting the future, even more so in times of uncertainty.
Writing your Will has never been easier, and it’s as important as ever – get in touch with us now and we’ll take you through the process step-by-step.
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We’re here to support you, no matter what’s going on in the world. We’re giving guidance on how we are continuing to support you with Wills and probate, and reduced face-to-face contact means our latest ways of working protect your future now and from the long term.
If you’ve got any questions you can call us now on 0151 282 1700.
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