Why Do I Need A Will?

The main dilemma of whether or not to write a Will mainly stems for the reason of why a person needs a Will. Many people erroneously think that their estates will go to their partner when they die. This isn’t necessarily the case. For example, an unmarried partner will be entitled to nothing. Even a spouse may not receive the entire estate and worryingly, may not receive enough to maintain their current life style.

The main advantage of writing a Will includes:

• The ability to leave your estate how you wish and not how the Governments dictates.
• The ability to ensure that those deserving people and organizations are not forgotten.
• The ability to incorporate provisions to reduce inheritance tax.
• The ability to appoint who you wish to act as your Executor or Executors.
• The ability to appoint who you wish to act as your Guardians for your children.
• The ability to give your requested funeral directions.

Most parents aim to leave some inheritance to their children. It is important to bear in mind that children under the age of 18 cannot inherit, below this age the funds are held in Trusts. If your think 18 is too young for your children to inherit a large sum of money, within a Will, you can specify that they not receive the capital sum until a later age. You should also remember although it is not essential that your nominate guardians in your Will, it is convenient place to name a guardian. Without nominated guardians, the courts will decide who will look after your children.

So why can’t you make your own Will?

The answer is you can. However, there are significant risks doing so, which you must bear in mind that you may not be around to sort out. It could mean substantial legal fees to put things right, apart from the upset and confusion it could cause those you leave behind. It is important to remember a Will that is not clear under the law is open to challenge and your wishes may be overruled. A Will not made under the correct procedures can be rendered invalid. When making your own Will, you may overlook some possibilities and unforeseen changes in circumstances.

So where should you store your Will?

A Will should be stored in a fireproof safe or vault or a safe deposit box. It is critical that wherever you choose
to store your Will, that you inform the Executors of its whereabouts. It is definitely worth considering storing
your Will, in a location that would not be accessible without your permission. A good institution will store
your Will for you and issue the Executors with a Certificate of Custody, enabling them to access it when the
time comes.

Finally, it is highly advisable to ensure your Will is up-to-date. This can be done by re-making your Will.
This may be necessary when the legacy has been distorted by inflation, circumstances have
changed or where an Executor has died.

For more information on will writing, please contact us by clicking here or if you prefer, you can
also call us at +44 - 2085661324 and we will assist you on all your needs.