Making a Will is probably one of the most important and worthwhile things you can do. It is, however, staggering just how many people in the UK fail to make one. Of those that do, a small percentage trust online, cheap alternatives, that could actually cost them or their loved ones far more in the long-run. Using a solicitor is, therefore, to be recommended.
Ellisons Solicitors is one of the oldest firms in the region and has built up a large client following as a result of the quality service it provides. It’s Private Client team are specialists in Wills, Trusts and Probate – giving you the assurance that you are in good hands.
Tim Logan, Head of Wills, Trusts, Probate and Rural Affairs, says: ‘‘Many are surprised to learn that, without a Will, the law determines where your assets go. Most people think they will automatically go to a surviving spouse but, depending on the size of the Estate and other surviving relatives, that isn’t always the case. Therefore, when buying your house – which is often a person’s biggest purchase – it is of upmost importance to make a will.’’
These days, many first time buyers are unmarried couples who would not, at face value, be entitled to receive any part of a deceased partner’s estate unless a Will has been made to make provision for them. If you do not have a Will, therefore, your share may go to a person or family member that you may not want it to. This can sometimes lead to an argument, court proceedings and expensive legal costs – the last thing that you would have wanted.
Making a Will is very important to make arrangements for children, should one or both parents die. For parents of those with disabled children, it is possible to set up a trust, giving you peace of mind that your children will be taken care of once you’re gone.
By making a Will you can ensure that you do not pay any more inheritance tax than is absolutely necessary, safeguarding your assets for future generations.
Before making a Will, it is a good idea to think about what assets you have and to make a list. This will include how much money, property and possessions you own. You can then think about who you would like them to go to. If you have any children under the age 18 you should consider who would you like to take care of them?
If you already have a Will, check how long ago it was made. Ask yourself whether your circumstances have changed since then? It is always advisable to review and, if necessary, update it at regular intervals.
For further advice, please call 01206 764477 today.