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MAKING A WILL  -  WHY IT'S IMPORTANT

 

There are a number of common misconceptions when it comes to wills. There are people who believe they do not need them because they don't have enough to leave, or that they are married so their spouse will get everything. This is not necessarily the case.

If you die without making a will your assets may be distributed according to the law rather than your wishes. This could mean that your spouse or partner receives less, or that the money goes to family members who may not need it or who you would not wish to have it.

There are lots of good financial reasons for making a will for example, you can decide how your assets are shared out - if you don't make a will, the law says who gets what. Your spouse or civil partner will not inherit automatically. It is also possible to include provisions in your Will for Inheritance Tax purposes in order to minimise as far as possible the amount of Inheritance Tax which may need to be paid.

Some people decide to make a "home made will". These may be cheap at the time, however, they are very basic and can often miss out important information which can leave them invalid.

It will usually take longer and be more expensive for your family to sort out your affairs if you don't have a will.

By making an efficient will the administration of your estate will be easier for your relatives and loved ones. There will be fewer problems in deciding who is entitled to take the Grant and of course, who is entitled to any assets or personal possessions.

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BELL PARK KERRIDGE IS A TRADING NAME OF BELL PARK KERRIDGE LIMITED INCORPORATED IN ENGLAND AND WALES
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Information on this website does not constitute legal advice