Charlotte Adler - Adler Fitzpatrick Solicitors LLP
For most of us the idea of preparing a Will occupies a position in the fully-intend to-do list between painting the garden fence and ironing the bed linen. Approaching a Will raises all kinds of uncomfortable thoughts about life and death and responsibility and what-if questions that for most of us lead to the same conclusion. We find excuses to put off making a Will. ‘It will be time consuming’ and ‘it will be expensive’ and ‘what’s the point’ are some of the most familiar objections to doing something that would save enormous misery for your family in the event of the unexpected. Relative to the cost involved, making a Will is almost certainly the most responsible consideration you can offer your family. Wills are not for people with significant assets, they are for everyone.
These are my three most compelling reasons for doing a Will:
Your Children
Absent of a Will provision for your children you cannot continue to shape the course of their lives from beyond the grave. You may wish to make educational or other financial provision in a tax efficient way. You may wish to ensure a guardian is appointed for them to look after them in your absence. If for no other reason do a will to make sure they are looked after and cared for after you have gone.
Your Wishes
Without a will you die ‘intestate’ which means your assets will be carved up in a way you might not like. It can take months even years for a surviving loved one to have to do this and grapple with complex legal rules. This in turn leaves them having to organise legal fees as well. Normally a spouse or relative will inherit. If you have separated from your spouse but not divorced you might not want them to receive your money! If you are living in an unmarried partnership your cohabitee will not be entitled to inherit. There are many people who elect not to marry, consider the impact on them of not making a Will. They will be left with nothing.
Tax
Without a Will, Her Majesty will carve out the greatest possible proportion of the estate that she can. Preparing a Will includes close consideration of tax provisions to make the assets you leave behind as tax efficient as possible.
Making a will takes very little time. It is inexpensive. In our busy lives Wills are overlooked but it is a huge mistake to underestimate the importance of this legal document. It is more than a document, it is a valuable gift to you and your family, starting with a basic will service at £125 plus Vat. Do not hesitate to contact Andrew Hellicar on 02 08546 6698 or andrew@adlerfitzpatrick.com
