Make a Will…. no, seriously.
I try to persuade all my clients to get a Will done or have their existing Will reviewed at every opportunity: when they sell their house; when they buy another; when they get made redundant; when they get divorced; when they have children; when they sell their business; when they go into a new venture etc..
You need to revise your Will at every stage in life so that it reflects your current circumstances, your assets and any change in the law which may have occurred since the last time you had your Will prepared.
Some of the most common questions or comments I receive are:
But why bother having a Will done in the first place?
I don’t own anything anyway, so what’s the point?
All of my assets together are worth less than £312,000 so I won’t get taxed anyway.
They can all sort themselves out when I am gone.
– Here are 6 good reasons why you should make a Will:
1.) To avoid arguments in the family and unnecessary costs in determining who gets what after you are gone. If you don’t decide, the government will decide under the intestacy rules. This is more costly and less straight forward.
2.) To appoint a guardian for your children. Who will look after and be responsible for them after you are gone? If you don’t decide, the government will. Do you want to put some money aside for them in a Trust so that you know that they will be provided for when you are no longer here?
3.) To make provision for people who would otherwise lose out if you were to die without leaving a Will such as unmarried partners and children from previous relationships.
4.) To make sure that your spouse’s family don’t get everything if you both die together.
5.) To prevent the house from being sold while someone in the family still needs it or to make provision for an elderly or handicapped relative so the government doesn’t take it all and finally…
6.) To avoid having to pay tax unnecessarily. A former Prime Minister once commented that Inheritance Tax was a voluntary tax because people can avoid paying it if they plan their Will carefully.
Two things are certain in life: Death and Taxes. There is a way you can deal with both of them in one simple document; it’s called a Will. Get it sorted as part of your New Year’s Resolution in January 2009. Call Dellapina & Co Solicitors on 01565 634 100 to book your free consultation.