Many people are under the impression that making a Will is only for people above a certain age. But the problem is that death can occur at any time, and not planning ahead can leave your loved ones with additional tax and stress, that could have easily been avoided with a bit planning and forward thinking.
Why is having a Will so important?
A Will is a legal binding document that confirms your wishes regarding the distribution of your property and finances in the event of your death.
But it is not only property and finances that are dealt with in a Will. If you are a parent with children under 18 years old, it is important that you have a Will which specifies your wishes concerning who should be responsible for the personal and financial welfare of your children, if you are not around to make these important decisions.
What happens if I pass away without a Will?
If you die without a Will, your loved ones could end up spending unnecessary time and money attempting to settle your estate during an already distressing time.
Without a valid Will in place, the rules of intestacy decide how your estate is distributed. These rules are fixed by the government and means your estate might not be divided in the way you would want or expect!
How your estate would be distributed under the intestacy rules varies depending on whether you are married, have children, and what other family members survive you.
If you are not married and are cohabiting with a partner, there is a potential that they would receive nothing from your estate, even if you own a property together.
Not having a Will could also give rise to an unnecessary inheritance tax liability if your estate is above a certain threshold.
To give yourself peace of mind, or if you have any questions, please do not hesitate to get in touch with the Private Client Team here at TLS for a confidential discussion about your Will arrangement. We are here to help.
Call us today on 01637 872361.