Approximately 70% of the adult population do not have a will and risk dying intestate, leaving an uncertain future for their spouse, partners, children and even business associates. By making a will, you ensure that your loved ones’ financial future is more secure and you can also take advantage of the tax planning opportunities which a properly drawn up will offers. There seems to be a general assumption that the law will deal with the distribution of someone’s estate in the way which they would have wanted i.e. efficiently and fairly and most importantly, ensuring that your estate passes to those most dear to you. Unfortunately, the law is not telepathic and the result of your dying without a Will can be unexpected, unfair and potentially costly. If you do not make a will then:-
The Court (working within the confines of the law) decides who administers your estate.
The law determines the division of your estate including how much each beneficiary receives, when and whether the beneficiary’s portion of the estate is outright or if it is limited in some way.
The rights of a surviving spouse may be severely limited by the operation of the intestacy rules.
By making a will:
You get to choose the person(s) who administers your estate (known as executors).
If you have young children, you may nominate a guardian.
You decide where your estate is to go and the level of control to exercise in making the gift e.g. in the case of children, do they need to attain a particular age before becoming entitled?
If your personal affairs are complicated or if you have been married before, you could protect your estate by setting up a trust by your will.
If you know who you wish to benefit but you are uncertain about the proportions of your estate which each beneficiary is to receive, you could establish a discretionary trust, leaving the ultimate decision as to who receives what and when to the trustees of your will.
If you are concerned about death duties (Inheritance Tax), you could save substantial sums of money by having a properly drawn up Will making full use of the allowances and exemptions available.
Making a will need not be expensive. Simple wills typically cost less than £100.00 plus VAT. However, the degree of complexity of your will will be reflected in the cost of drawing up your will, so do ask for details of our costs and where we are able to do so, we shall be happy to provide you with a cost estimate.
Contact us for more information on how we can help.
Hugh Butler
