There are many reasons for making a Will such as:
- Reassurance – A will is the only way to ensure your savings and possessions go to the people you care about. A Will can avoid disputes arising between relatives and among family members. If you don’t have a Will, you may even need a solicitor to resolve the issues. Leaving a Will removes any doubt about who inherits.
- Looking after your loved ones – Talking about death can be hard but talking about your Will can save everyone a lot of worry. Deciding who you will leave your assets to can help you make sure they go to the right people.
- Passing your assets for future generations – A will can ensure that assets are kept within the family and are passed on down the generations. Second marriages and second families change the structure of your first family and the people from the second families could inherit your assets in the future; and a well-crafted will can help to manage this.
- Saving or Reducing Inheritance Tax- With a carefully-planned Will, you can also minimize or eliminate the inheritance tax bill on your estate after your death. Inheritance tax isn’t normally paid on anything you leave to a spouse or civil partner who has their permanent home in the UK. Inheritance Tax is only payable if your estate is worth more than a certain amount. You could reduce the final amount by taking small steps during your lifetime.
- Your funeral – letting people know if you would prefer burial or cremation, and the type of funeral service you would like saves a lot of distress for family.
At The Law House, we have a team of dedicated wills lawyers who can help you and guide you through this process. For an initial discussion, please contact us on 020 3150 2525 or at email@example.com.