If there is one thing which 2020 has taught us is that times are uncertain, life is precious and certainly precarious.
It is estimated that only 45% of adults have made a Will.
If you die without making a Will, your Estate will be divided in line with rules, called the Intestacy Rules, orignially drawn up in 1952 and which will often not reflect what you would want to happen to your Estate upon your death.
For example, unmarried partners, charities and friends, do not benefit from your Estate under the Intestacy Rules.
When you make a Will, you choose the people who are to deal with your financial arrangements and distribute your Estate in a line with the terms of the Will and, for example, invest monies carefully for beneficiaries who may be under the age of 18 at the time of your death. These people are called your Executors or Trustees and, by making a Will, you have a free choice as to who fills these very important roles.
Making a Will can also help reduce if not eliminate completely any liability your Estate may have to HMRC in terms of Inheritance Tax.
Just as important, is the common scenario where you may have children from a previous marriage or previous relationship and you may wish to provide specifically for these children even though you may have moved on and remarried or started to cohabit with someone who has children of their own. It is only by making a Will that you can make proper robust arrangements to take care of all of the loved ones in your life especially children from previous relationships.
These are just a few good reasons why all adults should make a Will and if you require any further guidance concerning this, please do not hesitate to contact Richard Whitaker, Solicitor, here at Din Solicitors for further information.
Mr Whitaker can be contacted on 01422 647175 or by email at [email protected]