Have you got around to making a Will for your family yet? Laura from Avery Walters discusses the reasons why this should be at the top of your to-do list in 2018. Avery Walters is also offering North Leeds Mumbler’s a 10% discount on Wills in February and March.
With January behind us and resolutions wavering, it’s that time of year when people start to consider all of those tasks that need to be done but always get put off… sorting out pensions, tidying the garage and, making a Will.
There are so many reasons to put a Will in place which can give you peace of mind, reassurance and, you can finally tick it off that dreaded to do list!
Further down read a testimonial from a fellow Mumbler who decided to do just that.
So, why put in place a Will?
A Will enables you to appoint guardians to look after your children should something happen to you, your spouse or partner. This is a number one priority for parents who need to ensure that children have the right people in place to take over should tragedy strike.
If no guardian is appointed, and family or friends begin to argue over who should look after your children, the court will appoint guardians for them. These may not be the people you would have selected, or who your children want to be with.
You can also make financial provision for the guardian(s) to ensure they have enough capital to look after your children.
Cohabitees have no rights to each other’s estates in law. By putting in place a Will, you are free to leave your property, or a right to live in your property to your partner and leave any other assets you’d like to them.
You may think if you live together that they would be taken care of but this is simply not the case.
If you don’t have a Will a set of rules called the ‘intestacy rules’ would apply, meaning that your assets would be distributed to your nearest blood relatives. Not only may this not be what you want, but the rules are inflexible and could leave your partner high and dry.
Providing for step-children and third parties
The legal definition of children does not include step-children. As many of us are now aware, family is not always who is related to us by blood.
Family is who we choose and as such, putting in place a Will enables you to incorporate step-children, step-grandchildren and any other third party as beneficiaries in your Will.
Sometimes, we don’t want to incorporate step-children or step-grandchildren and that’s okay too.
Many people may be on their second marriage with children from a previous relationship. If you are married or in a civil partnership and want to protect and ring-fence some assets for your children from a previous relationship, or other beneficiaries, then a Will allows you to do this.
Marriage and Divorce
If you had a Will in place and then later get married or enter into a civil partnership, your old Will becomes void. A new Will needs to be put in place. Otherwise, your whole estate up to £250,000.00 will go to your new spouse/partner. Anything over £250,000.00 is subject to different rules.
If you get divorced, or dissolve your civil partnership, you may wish to revisit your Will to ensure the document reflects your accurate wishes.
Estate planning & the elderly
Although it is a common misconception that Wills are for the rich and elderly, Wills are an effective planning tool to minimise any inheritance tax liability and also obtain peace of mind and certainty that your wishes will be carried out.
Ultimately, a Will gives you control.
Everyone is a candidate for a Will so there is no excuse for so few people having one in place in the UK.
The process is easy so why not give me, Laura Stafford, a call on 0113 200 74 80 or email firstname.lastname@example.org to book your free initial consultation.
Remember, where there’s a Will, there’s a way.
NORTH LEEDS MUMBLER OFFER: 10% discount on Wills in February and March, just quote ‘Mumbler’ when contacting Laura.