Many people assume that when they die, their money and belongings (their Estate) will just pass to their family - but this often isn't the case. In some cases, the Government may decide who benefits from the estate. By spending a little time now considering your options, you can ensure that your wishes are met.
Did you know that approximately £175m in assets is lost every year to bereaved families because a relative has died without a Will or with an outdated Will.
Source: The cost of dying with an outdated will is £9,700. The Telegraph, October 2014.
What are the benefits of making a Will?
There are many benefits to making a Will, including:
Having a valid Will place means you can put your affairs in order and leave clear instructions to assist the loved ones that you leave behind. If you have young children you may also name Guardians to look after them when you’re gone.
You can protect your legacy from future changes within your family such as if your spouse remarries. Marriage revokes any previous Wills and so this can cause your children to be disinherited, especially if your spouse didn’t update their Will and died before their new partner.
- Reduce complications and upset after you are gone
By writing a Will you can choose who you wish to inherit your assets, rather than this decision being made by the laws of intestacy.
- Opportunity to leave money to a chosen charity
If you have a charity that is special to you and would like to donate a sum of money to them on your death, this can be done via your Will. It is important to consider how a charitable legacy might affect your tax position.