LS Legal News Bulletin
Do you need a will?
Friday 7th June 2019
Do you wish to make a Will to have the peace of mind that your affairs are in order and your loved ones will be taken care of? This means that you will stop worrying and get on with enjoying your life!
A Will lets you determine who will inherit everything that you own ("your estate").
If you don't make a Will you will die "Intestate" and will not be able to choose who inherits your estate. Unmarried partners, friends, step-children or charities will not benefit from your estate unless you name them in your Will.
You can appoint people you trust as your Executors to deal with your estate after you've gone. By appointing Executors you prevent uncertainty and worry amongst your family after your death as, if you die without a Will, administrators can be appointed on a "first come first serve" basis. You may leave a very valuable estate and it is natural that you would wish your Executors to be individuals that you trust and are capable of dealing with the task in hand.
You can name Guardians to look after your children. If you have children under 18 you can use your Will to appoint Guardians to look after them if you die while they are still underage. You can make sure that there is no need for the Courts to get involved in what would already be an extremely distressing time for your children and ensure the Guardians you appoint share the same values as you do.
You can consider Inheritance Tax (IHT) planning so that you don't pay any more tax than you have to. Having a Will professionally drafted means that you can be advised where exemptions and reliefs from IHT may be available to your estate and your Will can be drafted accordingly. New (and very complex) IHT reliefs on residential property came into force on 6 April 2017 and now is an excellent time to seek professional advice about IHT planning in your Will.
You can set out exactly what will happen at your funeral. In your Will you can give clear instructions for your Executors, from simply stating whether you wish to be buried or cremated, to what music is to be played or the content of the service. These wishes can be as brief or elaborate as you like and if needs be can be outlined in a separate "Letter of Wishes".
You might feel confident writing a Will yourself, but be careful. For a will to be valid, you need to meet certain conditions. It's easy to make a mistake, so be sure you are familiar with the rules.
Getting a solicitor to draw up your will is usually the most expensive way to do it. But if it's done properly, using a solicitor can save a lot of stress for those you leave behind, as well as giving you a bit more peace of mind.
Why you should use a solicitor to write your will?
- You are protected if something goes wrong
- You can be more confident there are no mistakes
- The complicated bits are done for you
- Your will is stored safely
LS Legal Solicitors may assist you with preparing a will. Please contact our firm on +44(0)208 144 5588, via email on info@LSLegaLUK.com or use the contact box to discuss your matter or make an appointment.
