Isn't It About Time You Made A Will?

Unlike most things in life, if you don't do it yourself, someone else will do it for you. And when you're no longer around, you won't have much of a say in what happens to your children, your possessions and your money. Can you afford to be complacent? Only if you're under 18, own less than twelve thousand pounds in property, belongings, the bank or individually 'hidden' assets such as life insurance policies and expectancies (is Auntie Floss going to leave you anything?) and therefore have nothing to leave to someone when you die. Who will make sure that precious family heirloom reaches your daughter, or that all the money you meant to donate to your favourite charity will reach them and not be swallowed by the state? Who can prevent family arguments? Or the lengthy process of obtaining letters of administration and tracing relatives when you die? You can. How? Make a will. The very least a will can provide is peace of mind: you know where everything is going after you die and you know any minors will be well looked after and provided for by the people you nominate now.

Doesn't it automatically go to my partner?

Recent suggestions in Parliament are that unmarried couples, who have been living with their partner for five years, should automatically inherit in the event of their partner's death. This period of time is lessened to two years if they have a child living with them. These changes will surely be welcomed by many, but they will take several years to come into effect (if they do at all). It is better to make a will now rather than risk your assets being distributed by the law, which does not tend to favour your live-in partner. Even if you are married your spouse will not automatically inherit your entire estate on intestacy (dying without a will).

When and why should I make a will?

People make wills for various reasons, often for personal ones. At Gray Hooper Holt the most frequent reasons we see for people making a will are:

a) on the death, particularly the unexpected death, or a relative or friend.

b) on receiving an inheritance or benefit from someone else's will

c) on hearing a horror story about what has happened to those left behind and affected by the death of someone who did not leave a will

d) on buying a property or making another significant purchase

e) on having or losing a child

f) losing a husband, wife or life partner

g) on divorce. It should be at the top of the list of things to do when you get divorced. If you are moving into a new relationship and are contemplating having furthur children with family number two, then you may wish to consider your wishes and legal obligations to the children of your former marriage.

h) on marriage. Marriage revokes a will, so you may wish to write a new one upon marriage that leaves your assets to your wife or husband. You can also write a will in contemplation of marriage. For example, you're getting married in a week and would like to write a will before you go on your honeymoon. You can write a week that is valid only when you become married to your partner, so that by the morning of your honeymoon, your will is legal

i) on being diagnosed with a chronic, possibly terminal, illness

j) just before going on a foreign holiday, particularly if there is an amount of risk or adventure involved

Don't leave it to chance. Making a will signifies a positive and responsible move towards putting your affairs in order. Writing a will can cost you as little as £150 and save the people you love thousands of pounds in Inheritance tax, and lessen the amount of time and frustration they will have to spend on the administration process when you're gone. It has been estimated that as many as 30 million adults in the UK do not have a will. Don't be one of them!

Can We Help You With Wills, Probate Or Trusts?

Call us on 0808 178 9002 or complete our online enquiry form now.

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Can We Help You With Wills, Probate Or Trusts?

Call us on 0808 178 9002 or complete our online enquiry form now.

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