Your Will can be one of the most important documents you ever have. It tells everyone what should happen to your money, possessions and property after you die. If you don’t have a will in place, then the law will decide how your estate should be split- and this may not be the same as you wish.

Five main reasons why you need a will

  1. A will makes it easier for family and friends to deal with your estate after you die.
  2. By writing a will your estate will be passed on as you wish.
  3. A will can also help reduce the amount of inheritance tax that may be payable on the value of the property, money and other assets that you leave behind
  4. It is very important to write a will if you have children or other family who depend on you financially. A will, also allows you to leave something to people outside of your immediate family.
  5. A will allows you to appoint guardians for any of your children who are under the age of 18 at your death.

Five things that can happen if you don’t make a will

  1. If you are not married or in a civil partnership, your partner is not legally entitled to any of your estate when you die
  2. In England, if you are married, your husband/wife may inherit most or all of your estate. This is the case even if you are separated but not yet divorced.  Your children may not get anything or maybe disinherited should a surviving spouse remarry.
  3. Any Inheritance Tax that your estate has to pay may be higher than it would be if you had made a will.
  4. If you pass away and have no living close relatives, your whole estate will belong to the crown or to the government.
  5. The state decides who looks after any children under the age of 18

Why are DIY wills bad news?

DIY Wills may seem like a good idea, but if errors are made, or if the strict witnessing rules are not followed correctly, the document could be invalid. You could risk leaving your family with a financial and emotional mess along with large legal bills for resolving disputes. Additionally unnecessary tax could deplete the value of the estate left for you beneficiaries.

So make sure that your estate goes to your chosen beneficiaries when you die and consult an expert to get advice on preparing your Will.

If you have any questions about wills, we are always happy to help. Just call us on 01202 877 400 or email us at: office@newnham-jordan.co.uk

 

This article is intended for general information purposes only and shall not be deemed to be, or constitute legal advice. We cannot accept responsibility for any loss as a result of acts or omissions taken in respect of this article.

Angie Newnham
Article by Angie Newnham
Having worked for various law firms in the Bournemouth and Poole area Angie Newnham decided to set up her own business in 2010. Angie’s experience covers a range of legal disciplines including Property Law and Conveyancing, which includes both residential, commercial and agricultural work, Social Housing, Landlord & Tenant issues, Wills, Lasting Power of Attorney and a niche interest in equine law and equestrian agreements.

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