Your Will: Planning Ahead for Peace of Mind
Let’s face it, none of us like to think too much about getting older or planning what will happen to our assets when we’re gone. It’s hardly surprising then that more than half of UK adults don’t have a Will in place.
Have you ever thought about what will happen to your belongings or home if the unexpected was to happen? You may have a sentimental or valuable item, family heirloom or collection that you were hoping to pass to a friend or family member. Maybe you have a business you were hoping to pass onto your business partner or children. Were you hoping to leave a money gift to a charity, grandchild, close friend or neighbour? One simple but valuable method of guaranteeing surety and peace of mind for the future is by making or updating your Will. This can also potentially reduce or even eliminate any Inheritance Tax liability.
Will planning power
A Will is the only thing that gives you the power to decide how your estate, including all your possessions are dealt with after your death. At Colemans, with over 150 years of experience working with our clients, we know the importance of this aspect of life planning. We have seen countless instances of distress and hardship caused by someone dying without a Will, i.e. dying intestate, with a poorly or incorrectly drafted Will, or with a valid Will that was a number of years out of date.
Making provisions via a valid Will is essential whatever your circumstances. Whether you are:
- single, married or in a civil partnership;
- have children or other dependants;
- a small or large estate, taxable or not;
- live abroad, own property overseas;
- hold a share in a business;
- have re-married or are in a second relationship perhaps contemplating marriage
- or suffering from a terminal illness
A Will can hold vital importance in providing you with clarity and reassurance that your wishes are carried out after you have gone. Having an up to date Will can also help ensure that your estate can be administered by your Executors in as straightforward and stress-free way as possible.
What will happen without a will?
If you die without a Will, then your estate is administered in accordance with the rules of intestacy. This means that your property, money and belongings are shared out in a defined way. For instance, your partner only inherits from you if you are married or in a civil partnership at the time of your death. If you have surviving children, grandchildren or great-grandchildren, and your estate is valued at more than £275,000, your partner won’t inherit all your estate. It gets divided so that your partner only inherits half of your estate over £275,000, along with all your personal property and belongings.
At Parfitt Cresswell, we have a friendly and dedicated team who can help you write a Will that ensures your decisions and wishes are recorded clearly and concisely. That way you can have peace of mind knowing that your wishes are to be carried out. Our experts want to help you safeguard your future and the future of your loved ones. We would be pleased to meet with you to discuss your options and any questions you have at one of our offices. We can also assist you with other important aspects of life planning, including: