The importance of making a Will
The importance of making a Will
Many clients who come to see us to prepare their Wills often admit that it has been something on their to do list for many years. None of us want to think about dying, but life can be unpredictable and unfortunately the unexpected can happen. Preparing for the unthinkable can ensure that your family and friends avoid unnecessary legal problems upon your death.
Reasons to make a Will
Making a Will not only ensures that your wishes are carried out after your death, it also brings peace of mind for both of you and your family,
Many people think they don’t need a Will and assume that their assets will automatically go to their partner and/or children when they die. This isn’t necessarily the case.
Do you know where your assets will go if you die without leaving a Will?
They may not go to who you would like them to! Each year the Government receives millions of pounds from people who haven’t made a Will. Making a Will gives you control over who inherits your estate and when.
Have you ever considered who will look after your children if they are minors after your death? If there is no surviving parent or person with parental responsibility and no provision has been made in a Will, then it will be for the Court to decide who will be appointed as guardians for your children. This process can be extremely upsetting for both the children and family members at an already distressing time. Including an appointment of guardians clause in your Will ensures that your children are cared for by who you chose, and can help you feel more at ease about your children’s future.
Many people also worry that their estates will be liable for inheritance tax. The threshold for Inheritance Tax (known as the “Nil Rate Band”) is currently £325,000 for an individual estate. Inheritance Tax is payable at 40% on the value of the estate that exceeds the threshold figure. Exemptions and reliefs may be available, but are dependent upon your circumstances. Estate planning and making a Will can help you minimise the amount of Inheritance Tax payable on your death and ensure your money and property goes to who you intend.
Clare Sheeran is a solicitor in the Private Client Team at Kerseys Solicitors LLP. Clare is available for an initial meeting either face to face in the Felixstowe or Ipswich offices or remotely, in order to advise on making a Will.
If you would like to arrange an appointment with Clare to make a Will or update your existing Will, please contact us at Kerseys Solicitors in Ipswich at [email protected] or telephone 01473 213311 or Kerseys Solicitors in Felixstowe at [email protected] on 01394 834557 or Kerseys Solicitors in Colchester at [email protected] on 01206 584584.
