A will lets you decide what happens to your money and assets after your death. If you die without a will the Rules of Intestacy (Administration of Estates) Act 1925 will govern how your estate is administered and who benefits thereunder.
Wills are also useful tools in mitigating inheritance tax and the effects of residential care fees upon the value of your estate.
Advantages of making a Will
- having peace of mind
- you choose who you wish to benefit
- un-married couples can ensure that your partner is provided for
- to cover situations where spouses are separated but not yet divorced
- you can make sure that you do not pay any more inheritance tax than necessary
- to provide for children from previous marriages
- makes it easier for loved ones to deal with your affairs when you are gone
- you can choose an Executor who will deal with the administration of the estate in the way you have requested
- preservation of wealth and the future of the younger generation
- circumvents the rules of intestacy from applying which might not always be ideal
- to provide for loved ones who might not inherit under the rules of intestacy
- you can choose your own funeral arrangements
- prevents claims under the Inheritance (Provisions for Family and Dependants) Act 1975
For more information or to discuss any concerns please contact our Wills and Probate department, Sangeet Tatem, Kevin Sandell, Jodi Hamlin and Roger Philpot.