Statistics show that only one in three people make a Will. That is surprising in this day and age. People often believe that they know how their estate will pass when they die, and can be surprised to find out that they are mistaken.
For example, your whole estate might not automatically pass to your spouse. It is very important to
make a Will.
The main reasons are as follows:
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To ensure that your assets are shared in accordance with your wishes, and not as laid down by statute
which is what happens if you die without a Will;
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If you are in a relationship (including a same-sex relationship) but are not married, to ensure that your
partner is provided for;
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If you are separated from your spouse, you may not wish them to inherit your estate;
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To appoint guardians for minor children;
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To appoint executors to ensure that your wishes are carried out, and trustees to be responsible for money
left to minor children. If you do not have a Will then, again, statute decrees who can be appointed. This
could easily mean that a relative that you would not wish to act in this capacity is appointed;
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To mitigate any liability to inheritance tax.
It is possible to make a Will yourself, but this can be invalid if the legal formalities are not adhered to, causing
even more upset for your family.
Also, there may be things that you have not even considered which a Solicitor
will raise with you. The cost of a Will is relatively modest and is money well spent, to give you and your family
peace of mind.
To quote Benjamin Franklin “In this world, nothing can be said to be certain, except death and taxes”.
A Will can help with both of these.
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