| Why You Need A Will
Do I Need a Will?
The answer to this is a definite YES. Everyone over 18 should make a Will. So why is it that most people in the UK do not make a Will? FACT - The cost of making a Will is rarely the reason for not making one. It seems that the message just isn't getting across - and as the state benefits from so many billions of pounds from people who have not made a Will, it is hardly surprising they do not do more to get the message across.
A Will is potentially the most important document you will ever sign. We can help to answer all your questions and misconceptions. If you wish, we will visit you in the comfort of your own home or business and make sure you understand every step of the process. We always carry identification.
If you fit into one or more of the following then you need to talk to us and make a Will:
- You do not have a valid Will
- Your Will has not been reviewed for many years
- Your individual total estate value is above £325,000 (09/10 Inheritance Tax level)
- You are married
- You are divorced
- You have children
- You have a disabled child
- You have a business
- You have a live in partner
- Your parents live with you
- You have illegitimate children
- You are single (over 18 with an estate value of £5,000 or more)
- You have married since you made your Will
That's just about everybody!
- In the UK, 50% of adults do not have a Will (source : The Independent March 2009).
- One In Ten estates are disputed, the average resolution time for the dispute is 12 months and 45% receive no more than £250.00 (source : The Daily Telegraph March 2009).
- Unfortunately dying intestate means that the state writes a Will for you leaving your family with no say in the matter and often as a result leaving families in immediate financial difficulty. Sometimes it may even be necessary to sell the family home.
- Would you want your partner or family to face all the uncertainty and unnecessary difficulties at a time of great distress?
- "My spouse will get everything" - This is not always the case! The intestacy rules are strict; additionally, an ex-spouse may well have a valid claim on your estate - a 'full and final' divorce settlement may not be what it seems.
- "My partner will be OK" - If you are unmarried your partner is not automatically entitled to anything and may well lose their home. If there are children, the father will have no rights to look after his own child. Children can potentially go into care because their parents did not make a Will.
- For many people, it is possible to cut or even completely avoid the Inheritance Tax threshold
with a few simple steps. The first and most obvious is to make a Will. Inheritance Tax is levied at 40%,
planning now could save thousands. (Source - Anne Young, tax expert Scottish Widows)
A Business Will?
If you have a business, have you thought who will inherit your share of it?
Or, if you are in a partnership, will the partnership die with a partner?
It is natural for a business to evolve, add new partners or directors, relationships change, but partnership or shareholders agreement do not. Questions such as "who pays the business loan?" or "if sold who gets the money?" are often left unanswered.
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