Nicola Birchall, chartered legal executive from our Wills, Probate and Trusts Team, is here to explain why it’s so important to make a will.
There are a number of reasons why a person might make a will.
Here at Marsden Rawsthorn, we will handle your will sensitively whilst using our expertise to guide you through the process.
The advantage of this over a home-made will is that we will leave no stone unturned. This means you can rest assured that your wishes will be carried out.
Ten reasons to make a will
Why is it so important? Here are the top 10 reasons:
- To provide for the family that you leave behind, in particular, children under 18. Custody of the children is something that can be put into a will, to make sure they are cared for should you die. You can also specify what you would like to leave to each child.
- To provide for your partner. This is particularly important if you are not married as there is no automatic entitlement without a will. Also, it may be that a portion of the family home is left to the children with the proviso that your partner stays there until his/her death.
- To provide for other people who you are close to. For example, if you have foster children or stepchildren whom you would like to consider in your will, this will need to be specified as there will be no automatic entitlement after your death.
- Clarifying Inheritance Tax. Tax planning can be covered in your will, and as part of the process of making your will with Marsden Rawsthorn, your inheritance tax liabilities will be carefully outlined, as well as the ways to organise your affairs in the most advantageous way to you and your family.
- Avoiding family disputes. Sometimes there are existing disputes within families. Sometimes a poorly executed will can cause a dispute in a family. A professionally drafted will avoid the creation of disputes and often help existing disputes by lowering the chances of contesting the will.
- Protecting property. This is particularly important if you own a property, or a range of properties, or if you own property abroad where the process of preparing the will is quite different. Also, if people are likely to continue to live in that property after your death it is important to ensure they have the right to do this.
- Marriage and divorce. A will is revoked if you marry and is partially or wholly revoked in case of a divorce. This is a complex area where it makes sense to have the will prepared by a solicitor.
- Supporting a charity. Many people wish to leave money to a charity in their will. To ensure this runs smoothly it is important to follow the correct process, something we can do for you.
- Providing for a pet. Some people choose to leave part of their estate to provide for their pet’s needs after their death. It can also be specified who will take the pet on after your death.
- Peace of mind. Writing a will means that you have your affairs in order and that your wishes will be carried out after your death.
Writing a will
If you wish to discuss making a will, or reviewing an existing will, we will be only too happy to take you through the process.
We are at hand to deal with any queries you may have whether in person, on the phone or by email.
How else can Marsden Rawsthorn help?
We can:
- Ensure your estate is preserved to pass on to your loved ones in the most tax efficient way
- Help you chose your executors and if you wish we can act as your executors
- Give you the best advice on Estate and Inheritance Tax planning
- Advise on how your pension can be dealt with on your death and any other benefits
- Ensure all necessary formalities are met
Article by Nicola Birchall
