Making A Will Is Easy- Leaving Your Estate to Chance Is Not!
January 12, 2017 3:39 pm
11 good reasons why it should be at the top of your list
Are you in the half of the population that has not made a Will? Age UK Suffolk’s Make A Will Month is a jolly good reason why making a Will should go to the top of your list sooner rather than later.
Without a Will:
- If you die without a Will, your estate will be administered in accordance with the Intestacy Rules. Depending on your family arrangements, your next-of-kin will inherit, which could mean your parents or siblings, even if you would prefer it to go elsewhere.
- Even if you are married or in a civil partnership, then your spouse or civil partner may not receive as much as you would like them to under the Intestacy Rules and they need to share your estate with other family members.
- Unmarried partners will not receive anything from your estate unless you have made provision for them in a Will. The only way a “common law” spouse can inherit without Will is if they make a claim through the Courts.
- Without a Will there may be an increased likelihood of family disputes as you have not made your wishes clear, and nor have you appointed anyone to deal with the administration.
- Wills can be useful tools for Inheritance Tax planning and may save your estate money in the future.
In making a Will:
- You can give clear instructions in your Will about how your estate is distributed, you can choose your beneficiaries and state how much you would like them to receive.
- A Will allows you to appoint executors to administer your estate. Without a Will it would be whoever of your closest relatives decides to take on the role.
- A Will lets you appoint guardians to look after your children if they are under 18 until they are of age to make decisions for themselves. You will also be able to make financial arrangements for their benefit and set up trusts so that they can be supported but not receive the capital sum until they are at an age where you feel they would be ready to deal with it.
- If you have remarried then it is the only way to ensure that both sides of the family will receive an inheritance. Without a Will, your estate could pass to your new spouse and then on to their side of the family, excluding your side of the family.
- A Will allows you to leave specific items and sums of money. You could, for example, leave your jewellery to your granddaughter, or various sentimental items to other members of the family.
- In making a Will in Age UK Suffolk Make A Will Month you will of course benefit a fantastic charity that works very hard in supporting older people in Suffolk.