Facts about Wills

Every individual over the age of 18 should have a Will, whether rich or poor, male or female, single, married or with a Civil Partner. Here are just a few good reasons why;

Without a Will:

• We think our spouse/civil partner will automatically receive all of our estate, but they won’t!
• If you are single (ie. not married or you do not have a civil partner), under the laws of intestacy (dying without a Will) your partner will not receive anything from your estate

• Guardianship of minor children is uncertain if the parents die without a Will that appoints guardians – Would you want your children to become a Ward of Court!
• Children may inherit substantial sums of money at a time when they are not mature enough to manage such sums. A Will can control the release of money to your children.

• A family can suffer acute financial hardship because of delays in the administration of an estate.
• Many family heirlooms are lost because no one can decide who can have them, so they are sold.
• Millions of pounds of inheritance tax are unnecessarily paid each year due to a lack of planning which can be dealt with in the Will of the deceased.

• Charities, friends and distant relatives will not benefit without a Will.
• Thousands of home owners lose the equity they own in their home if they need long term care and such equity is used to pay for such care, with pre-planning this could have been avoided

• Family wealth will not be protected from spendthrift beneficiaries or beneficiaries with anti-social habits such as alcohol or drug abuse.
• Funds left for disabled beneficiaries will often be used to pay for the care of such persons and prevent them from claiming certain state benefits – and who will manage their funds.