What is a Will?
A will is a document where you specify who should inherit your money, possessions, and property upon your death. It also appoints one or more people to manage and execute your instructions. These individuals are known as Executors.
Why do you need one?
You might think your possessions will automatically go to your family, making a Will unnecessary. However, if you die without one in place, known as dying intestate, the law decides who inherits what and how much. This means you lose control over who benefits from your assets, leading to potential disputes and stress for your family.
Consider these scenarios:
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If you and your partner are unmarried but have children, your children will inherit everything, leaving your partner with no legal claim to your estate.
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If you are married, your spouse might receive most of your estate, potentially leaving your children with less.
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If you are separated but not divorced, it could create uncomfortable situations for your family.
Therefore, it’s crucial to specify who receives what, to avoid confusion and conflict.
Inheritance Tax
With proper planning and legal advice, you can save your family significant amounts in inheritance tax. Without a Will, and if you own property, your family may face challenges in managing your assets.
Benefiting others
A Will allows you to leave assets to individuals outside your family, such as friends or charities. For instance, if you wish to donate to a charity or bequeath specific items like photographs or books, you can do so.
Additionally, a Will outlines your final wishes, including how you want to be laid to rest and any existing plans. Your executor shall carry out these instructions.
Making your Will valid
To ensure this document is legally valid, it must:
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Clearly state how you want your estate divided.
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Be signed and dated in the presence of two independent adult witnesses, who must also sign the document.
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Be created when you are fully aware of its contents and not under any pressure to make decisions.
For the best results, consult a solicitor. They can guide you on tailoring your Will to your personal circumstances and optimising your Estate.
How Burtons can help
If you’re ready to create a Will, our team at Burtons is here to assist. Fill out our online contact form, and a member of our team shall get in touch shortly.
