Don’t be frightened by Wills!

With Halloween just around the corner don’t let your affairs be the stuff of nightmares.

The importance of making a Will cannot but underestimated, yet statistics suggest around 60% of us don’t have a Will.

Yes, the thought of making a Will can be frightening, but it doesn’t have to be scary, and it gives you the opportunity to set out exactly what you want to happen when you pass away.

There are numerous reasons why you should make a Will. Firstly, it allows you to decide who can benefit from your Estate, removing the need to rely on the Intestacy Rules. It should not be assumed that if you pass away everything would pass to your spouse, civil partner, or long-term partner. Often your spouse or civil partner will have to share your Estate with other surviving close relatives and long-term partners may not receive anything.

The tax savings can also be considerable. Everything left to your spouse or civil partner is exempt from inheritance tax and if property is left to your children or grandchildren your inheritance tax liability may be reduced or your Estate may be entirely exempt from tax.

The ability to control who will distribute your Estate once you have passed away is another benefit of making a Will. At least one executor must be appointed in a Will, allowing you to appoint a person or persons that you trust the most to deal with your financial affairs after you die.

Finally, a Will gives you the ability to appoint a guardian for your young children, which subject to certain conditions, will give you the choice to name the person you believe will be best placed to have a say in important decisions affecting your child’s long-term care and upbringing.

At Ramsdens, we offer a specialist and affordable Will Writing Service. To speak to someone about updating your Will or making a Will for the first time call us on 01484 821 500 or email willsandprobate@ramsdens.co.uk.