Do I really need a will?

The simple answer is "Yes". Every adult should make a Will and review it regularly,
particularly if their circumstances change.

Examples of change:

·       Divorce

·       Having Children

·       Marriage  (Any Will made prior to the marriage is invalidated)

There are five main reasons for having a will:

1. You decide who benefits after your death, otherwise the intestacy rules apply.  Under the England and Wales intestacy rules the people to whom you would like to leave your estate may receive little, or nothing at all, and others may benefit whom you may not like or wish to receive anything.
2. The second reason is to avoid inheritance tax. Inheritance Tax may be payable by your estate on assets over £325,000 (as of 6 April 2009). With many people now owning their own properties it is worth calculating what your estate would be worth if you were to die tomorrow. You need to take into account all of your assets including your house, furniture, car, savings, investments and all your personal belongings, plus any death benefits under pension or life policies. From this you take away any outstanding liabilities such as mortgages, loans or credit card debt. There are some simple things that can be done during your lifetime and under your Will, to reduce or negate any Inheritance Tax liability. There is also the ability to use a double nil rate band for couples.
3. If you have children, it is important to appoint guardians who will be responsible for your children's upbringing. If neither parent is alive, you are able to appoint someone you trust to look after your assets until the children become old enough to take responsibility for themselves.
4. Without a valid will an estate can take months and even years to  settle. This can cause major financial problems to a spouse and family left behind.
   5.  The best reason to make a Will is that it gives you peace of mind.

   Are the following good reasons not to make a will?

   ·         I do not want to think about death - Death is the only certainty in life apart from taxes. It could be today, it could be many years time. It can happen at any time!

   ·         I'm too young - If you are old enough to drink and vote then you are old enough and should make a Will.

   ·         I can't be bothered -  You should be responsible to those that you care about, whether it be family or close friends.. Why leave them in a desperate situation without writing your will.

   ·         I want the law to decide who receives my hard earned money- are you sure?

   ·         It is too expensive -  Wrong- see our tariff of charges