Writing a Will ensures that when you die, your property, personal belongings and other assets are passed according to your wishes. Without a Will the law decides and many people or organisations that you would have wished to benefit will lose out.
Obtaining proper legal advice when making your Will ensures that your Will is tailored to meet your personal circumstances and requirements. Perhaps you are unmarried but have a partner you wish to protect who would not inherit anything if you died without a Will? Maybe you need to protect both your current spouse or partner as well as securing an inheritance for children from a previous relationship? Do you need to protect a vulnerable beneficiary who may benefit better from a trust than an outright gift? Perhaps you have a business to consider?
Even with straightforward personal situations a Will is still the only way to ensure that you have selected suitable people called Executors to administer your estate after your death and to ensure your wishes are met. Extra administrative provisions can be included to make things simpler (and consequently often more cost effective) for your Executors. You may also wish to appoint guardians for minor children or include gifts to friends and charities.
Taxation may be a consideration upon which you would benefit from good legal advice. New complicated legislation has been introduced so that when a widow or widower or a surviving civil partner dies, they can receive not only their inheritance tax free nil-rate band but also any unused allowance from their pre-deceased spouse or civil partner. Should couples leave everything to each other on the first death? This may be right for some people, but not all. Take proper advice on the full impact of the legislation to make sure your Will does the best for you.
Above all, making a Will gives you peace of mind. For further information please contact Avril Turner on 01753 851 133 or email info@lovegrovesllp.com.
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