Wills - Why do you need a Will?
A great number of people put off making a Will for a variety of reasons, for example, believing the people they would wish to inherit will automatically do so, because they don’t think it is relevant to them at the time or simply find it a morbid subject to face.
The unfortunate reality is that by putting off making a Will, by the time it does become relevant it is often too late. This poses a multitude of problems for the people left behind and could mean that some or all of your inheritance either goes to the wrong person or to the state.
Who needs to make a Will?
The simple answer is everyone. In particular, anyone with dependent relatives, (children under the age of 18, elderly relatives or relatives with a disability who have special needs), anyone who owns property or has any type of asset which you would wish relatives, friends or charities to benefit from.
But surely everything passes to my spouse, civil partner, parents, children etc... automatically?
This is a common misconception and, depending on the size of your estate, there are set rules which will be applied to determine who inherits your estate if you do not make a Will.
For more information on how we can assist with your Planning requirements, please contact us: office@financialobserver.co.uk and take a look at our Animated Guides to learn more about the benefits of implementing the appropriate Planning.
Print