COVID-19 has made us all feel very vulnerable and aware of our own mortality. Concentrating on things we can control is a way of reducing stress and anxiety.
Making a Will is probably one of the most important documents you can put in place and is a relatively simple act, even in these difficult times. The mfg team are here to help.
Here are 5 good reasons to make a Will:
- Providing for your loved ones.
A well drafted Will can provide solutions for all kinds of backgrounds and relationships, but failure to make a will at all means that your estate will be left according to strict statutory rules. These may well not be how you would want to leave your estate.
For example, there is no provision in these rules for partners or cohabitees. A professionally drafted Will can, however, include structures to ensure you and your partner benefits from your property during the survivor’s lifetime, but ultimately passes to your own children or other chosen beneficiaries.
- Make Changes to Your Current Will
You may already have a Will and you may think you have got it covered. However, it is always worth reviewing your Will. Have you included everybody? Do you want to amend any of the amounts or proportions gifted? Do you want to change any legacies to charities? Do you still want the same executors?
Both marriage and relationship breakdown have profound effects on your Will.
Marriage will cancel a previous Will, unless it included very specific wording that it was made in expectation of marriage to your current spouse. This could mean that you create complications for your new spouse and possibly disinherit your own children. A professionally drafted Will can ensure that the new spouse is able to benefit from your estate, but the assets protected for your chosen beneficiaries, typically, your children.
If you are separating or divorcing it is very important to make a new Will and ensure your estate is left to those people or charities you want to benefit.
- Reducing Inheritance Tax burden
A carefully drafted Will can be the key to harnessing valuable reliefs and reduce the impact of inheritance tax. This can be particularly important for those with businesses and agricultural assets.
The new main residence nil band can also require careful planning in the Will.
- Funeral Wishes
Wills are a place where you can express your funeral preferences: whether you wish to be buried or cremated. These are difficult topics, which we do not always openly discuss. Setting your funeral wishes out in writing can be a tremendous comfort to your loved ones.
A Will is a place where you can state who you appoint as legal guardian for any of your children under 18, to care for them if both parents have died.
If you wish to make a new Will or review your current Will please call the team on 0845 55 55 321 or email us at firstname.lastname@example.org. We will try and make the process straightforward as possible.