Making A Will
Everyone should make a Will. Too often, we see cases where the failure to leave a Will has led to suffering for family members. For example, your unmarried partner, or your stepchild, will receive nothing if you fail to make a Will.
So, if you own any property, or have children or step-children, PLEASE make a Will.
We promise you – it’s painless and not expensive.
Here are some scenarios to show how important it is to make an effective Will:
- You have a current partner and children from a former relationship. Maybe your current partner also has children from a previous relationship. You have each made a Will leaving everything to each other and, after that, to be split between your respective children. You die first. Everything goes to your partner. He or she can then make a new Will cutting your children out completely – so they will inherit nothing.
We are consulted by children in this position often – usually, there is nothing to be done – but you can prevent it from happening by careful drafting of your Will.
- You might need to go into a residential care home in the future – you can reduce the liability to pay care home fees by careful drafting of your Will.
- You might have relatives who are under age or who are vulnerable and need protection. If so you will need to set up a trust so that their inheritance is protected. In fact, if you doubt your heir’s ability to handle an inheritance sensibly, you can leave money in Trust up to any age you deem appropriate.
- You may wish to exclude a relative from inheriting a share of your Estate. For example, if you are separated (but not divorced) you may not wish your estranged spouse to inherit anything from you. Under the Inheritance (Provision for Family and Dependents) Act 1975, certain people, including an estranged spouse, a child or step-child, may claim a share of your Estate if you exclude them. Careful planning and drafting can remove or greatly reduce the risk of such a claim succeeding.
- And, of course – you will always want to ensure that as little Inheritance Tax as possible has to be paid!
