Why do you need a Will?
- To allow you to leave your estate to who you want,
- To allow you to appoint guardians who you prefer,
- To appoint executor(s) of your own choosing,
- To avoid family squabbles over who gets what,
- To make the distribution of the estate simple for those left behind,
- To reduce possible inheritance tax and care home fees,
What happens if you don’t have a Will?
Your estate will be divided according to the intestacy rules, which are: Spouses DO NOT necessarily inherit everything,
- The spouse is only entitled to £250,000 if they were a married couple with children
- The spouse is only entitled to £450,000 if they were a married couple without children
This can force the sale of a family home, financial hardship for the surviving spouse and can cause or increase inheritance tax concerns.
If you are not married and have no children, your estate will pass entirely to your parents when you pass away – is this what you want? Is it in your parents interest to inherit a large sum of money? If your parents have predeceased you then your estate will be divided equally between your siblings.
There is no provision in the intestacy rules for partners, step children, friends or charities therefore if you would like someone to benefit from the estate who is not included you will need a Will. The Will does allow you to split your estate how you would want when you pass away.
Intestacy rules make no provision for family circumstances – for example if you have a beneficiary who is in receipt of benefits or who is not able to manage their own money proficiently for whatever reason (including any mental or physical illness). We are able to include a Discretionary Trust in your Will which will ensure that somebody else is able to look after money for the benefit of your named beneficiaries; additionally it can help to protect any benefits that your beneficiary may be entitled to.
Guardians – without the legal appointment of a guardian if the worst was to happen then the decision of who would be appointed would become a decision for the courts to make. The obvious concern would be that the courts may select a different person to bring up your children than you would have done. Additionally it can lead to disputes within the family as people fight to take on the parental responsibility of children.
Why your Will may need to be updated?
- Marriage, the act of marriage will revoke any previous Will that you have written ( unless it was made in contemplation of the marriage),
- A divorce or separation,
- Beginning a new relationship,
- Change in financial circumstances,
- Change in family circumstances.
Did you know we offer free amendments if you store your Will with us? Ask for details
Wills are referred to a 3rd party. Premier Financial Group Ltd are not responsible for any advice received from the 3rd party.