We all work hard during our lifetimes to provide financial security for our loved ones and for ourselves. However, many of us endanger our loved ones’ security by not making a Will.
Without a Will your assets are distributed on your death in accordance with statutory intestacy provisions, a list based primarily on your nearest blood relatives. The State acquires your assets if you leave no qualifying relatives. Contrary to popular belief, these rules make only limited provision for your spouse and none whatsoever for an unmarried partner, although these rules will be amended in so far as they affect gay and lesbian couples following the implementation of the Civil Partnership Act on 5th December 2005.
Dying without a properly drafted and up to date Will could result in those closest to you finding their standard of living dramatically curtailed. It could also lead to a costly legal challenge to the distribution of your estate, eating up a substantial part of the money available for distribution.
A Will enables you to:-
- ensure your assets pass to chosen beneficiaries.
- appoint a suitable person to ensure that your wishes are carried out – ‘your Executor’.
- ensure that, if appropriate, action is taken to mitigate any Inheritance Tax liability.
- appoint Guardians for your children.
thus protecting the interests of your loved ones.
Palmers can offer you independent and accurate advice from an appropriately qualified person. The cost will vary (depending upon your circumstances) but is often lower than you might expect – a straightforward Will costs £100 + VAT for a single person and £150 + VAT for a couple.
It is also important to review the provisions of your Will periodically to ensure that they keep pace with your changing personal and financial circumstances.
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