Most of us don’t like to think about what could potentially happen in the future, so making a Will does not tend to be at the top of anyone’s to-do list. Creating a Will, and keeping your Will updated, is the best step towards protecting the future of your loved ones and making sure your assets are dealt with according to your wishes.
Not only does creating a Will give clarity to who gets what, your Will can have impact on tax liability, and it can prevent confusion and complication after you are gone. If you have any children under the age of 18 at the time you pass away, having a Will allows you to name who should be responsible for the care of your children, minimising any uncertainty during a time when emotions are likely to be running high.
If you currently don’t have a Will and want to create one, or need to make changes to an existing Will, you can contact our legal team today – we are ready to help answer all questions you may have.
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Why is making a Will so important?
If you do not have a Will, the Rules of Intestacy dictate how your money, property and possessions must be distributed, this may not be the way that you would have wished. The Rules of Intestacy may include people you would want to exclude or include people you would want to exclude.
This may put your loved ones in a difficult position and could lead to an avoidable inheritance tax liability or potentially a dispute between family members, particularly if you are estranged from any of your children.
However, taking the first step and writing your Will means you can take control over important parts of the future, avoid paying unnecessary taxes, but it also means that you can avoid a great deal of pain and confusion that can be caused for those left behind by not having a Will. You make a Will not for yourself but for the people you leave behind.
With Jackson Lees, writing your Will has never been easier and we know how important it is to protect your future this Autumn. As time flies and another year comes to an end, make it your priority to get in touch with us and we can start protecting your future together now, step-by-step.
How making a Will can protect your loved ones
Having a Will is crucial to make sure your loved ones are protected when you pass away.
Choosing an executor, or executors, means that you can decide who is responsible for the administration of your estate. Having a Will in place can make this process a lot quicker and easier as you have appointed the people you feel best placed to look after your assets when you are no longer around. The role of the executor includes finding out the value of any assets you have and cancelling credit accounts, dealing with any outstanding debts and the notification of relevant businesses of your passing. This is a responsibility but anyone you name can step back or step down if they do not feel able to act as an executor at the time.
If you have any children under the age of 18 at the time you pass away, naming a guardian lets you decide who should have parental responsibility for your children. Otherwise, the matter will be settled by a court, which might not place your children in the care you want. It also prevents family falling out and hopefully the children would be able to have a good relationship with all family members. You can read more about protecting your children with a Will here.
A Will also confirms how your assets should be distributed so you have full control over exactly who gets what by leaving any gifts to the people you know they will mean something to and the rest of your estate to family, friends and/or any charities of your choice.
Jackson Lees are here to support you, all year round. Get in touch with us to create your Will this Autumn and protect your future before the new year starts. Our Wills, Trusts and Probate team are on hand to guide you in the right direction with their expert legal advice and on-going support.
If you’ve got any questions, need advice, or want to know more you can call us now on 0151 282 1700, request a call back at a time that suits you, or make an enquiry here.