Is something we hear all the time, and whilst there’s no doubt that making a Will does involve taking some time to think about when you won’t be here and might involve some delicate conversations, that isn’t a good enough reason to put it off.
At some point we are all going to die and, whilst we hope that this is going to happen in our own home, peacefully passing away in our sleep when we are in our 80s or 90s, the reality is that that doesn’t often happen. None of us know when or how we are going to die and because of this age or lack of time shouldn’t prevent you protecting your family.
Making a Will enables you to decide who you leave your assets to and under what conditions and it isn’t something that should be delayed. Wills can be complicated, using trusts to protect children from previous relationships, ensuring significant wealth is protected for future generations, optimising the use of inheritance tax reliefs and providing for great flexibility; but they can also be very simple and wealth doesn’t necessarily dictate whether or not a Will should be complex.
Even simple Wills can ensure that all relevant tax free bands are utilised saving a significant amount of inheritance tax. However, saving inheritance tax isn’t always a driving force when making a Will and it is by no means the reason most people do. Appointing guardians, leaving legacies, deciding who will administer the estate and making sure children don’t receive a large sum at 18 are the main reasons people plan ahead and these can all be addressed very simply.
As families become more complex, making Wills are essential especially for those who have subsequent marriages, children from previous relationships and are co-habiting. Regardless of circumstances, Will planning is a must for everyone.
There can be no reason why, after having worked hard to earn your wealth, you would not want to direct who benefits from it. It may involve taking some time to think about what you want and it may involve disappointing certain people but there can be no reason why someone with assets would want to leave it to the rules of intestacy to direct who would deal with your estate and benefit on your death, especially if you have no idea what those rules are.
If you work through the process with an experienced, qualified solicitor, the process of making a will can be relatively quick and simple. If you are looking to make a Will, or have queries regarding the validity of your will, please get in touch.
At Gorvins we have a highly experienced team of experts in all Wills Trusts and Probate Matters. Call our team today on 0161 930 5151 or e-mail willsteam@gorvins.com
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