We probably all understand that we should have a Will but the reality is that most of us don’t have one.
It’s important to understand what will happen to our estate if we die without a Will (intestate).
WHY DO I NEED A WILL?
Millions of Britons have no Will
The representative body for solicitors has now warned that the consequences of dying without a valid will can be dire for those left behind.
The research revealed that 73 per cent of 16-54 year olds don’t have a will, while 64 per cent of people over the age of 55 have made their final wishes clear in a will. The research also found that men are more likely to have a will and keep it updated than women.
‘£8m went to the government because people had not written a will’
Inheritance Tax received by HMRC during the tax year 2020 to 2021 were £5.4 billion which was an increase of 4% (£190m) on the tax year 2019 to 2020. Very often, Inheritance Tax can be mitigated by utilising certain allowances HMRC allow you to use which is why we strongly urge you to do an overview of your assets.
Why Should I Make a Will?
We probably all understand that we should have a Will but the reality is that most of us don’t have one. It’s important to understand what will happen to our estate if we die without a Will (intestate).
Making a Will is the only way to ensure that your wishes are carried out after your death. If you have not made a valid Will, your property will pass according to the Law of Intestacy. This may not be what you would have wished. In any event it is likely to take longer to finalise than if you had made a Will. During this time your beneficiaries may not be able to draw any money from your estate. It can lead to arguments and distress for your relatives.
Estate Planning for Business Owners
If you are a business owner, it is even more important that your estate planning begins today, and you consider the implications of not having a will or a insufficient will in place. As a business owner, it’s quite likely that a significant portion of your wealth and your family’s source of income after your death is located within the family business. The success of your estate plan is dependent upon the business being transitioned to your preferred person or sold to an external party. Cedar Legacies are dedicated to protecting your Business, contact us today for a complimentary consultation.
You might want your estate divided
amongst friends, relatives and charities
of your choosing
and in the proportions you want.
Maybe you made a Will a long time ago.
It probably needs updating to include additional
grandchildren or deletion of persons you no longer
feel you wish to leave anything to. Our will writers can help.
Don’t assume “my other half will get everything”.
Brothers and sisters or parents may have a claim.
Often your children have a right to part of your estate.
If you are living as a couple but not officially married,
you may be treated as a single person and a surviving
partner may get nothing at all. One thing you can be
certain of – there will be arguments and disputes at a
time when the family should be coping with the loss of
a loved one.
You should consider who you would like to
look after your children in the event of your death.
This is particularly important in the case of one parent
families or unmarried parents living together. A valid
Will nominating guardians is invaluable in such cases.
If no one knows what you would have wanted, the Court
will decide on the future of your children, and it may
not be what you or your children
would have wished.
