Why make a Will?
Most people assume that all their money will automatically pass to their next of kin, but this isn’t always true. If you don’t leave a Will then the law determines who inherits your estate.
No-one likes to talk about death, especially their own, But if you don’t make plans on how you want to distribute your worldly wealth while you’re still alive, you can leave a host of problems and hardships for your grieving family.
We all know we should make one but often do not understand why. Here are some important points to consider:
If you are single
You will want your estate divided amongst friends, relatives and charities of your choosing and in the proportions you want.
If you are married
Don’t assume “my other half” will get everything. Brothers, sisters, parents or children may have a claim! If you live as a couple, but are not married, you may be treated as a single person and your surviving partner may get nothing at all!
If you are a parent
You should consider who would look after your children in the event of your death. This is particularly important in the case of single parent families or unmarried parents living together. If your wishes are not clearly stated the Court will decide on the future of your children.
If you are retired
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.
If you want to:
• Make proper provisions for your family.
• Leave legacies to your children/grandchildren.
• Make a charitable donation
• Protect your family from Inheritance Tax
• Appoint Guardians for your children
• Leave a specific heirloom to somebody
• Protect assets against care home fees
Then you need a Will
For some short videos on making a Will and why please visit our YouTube channel http://www.youtube.com/user/AffinityWills.
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