Making a will is something most of us put off – we don’t like to think about our own deaths.
The problem is, though, that we do need to think about the future. We need to ensure our relatives and friends get the legacies we would like them to receive, and to make things as simple as possible for them in a distressing time.
It’s also important that our wishes are clear, helping them to avoid potential conflict about matters like our funerals, who should receive part of our estates, and what should happen to our business interests.
Here are six powerful reasons you should make a will:
Those who die without a will are deemed to be ‘intestate’ and their estates are divided up in a pre-determined way. There’s no guarantee the people you want to benefit will do so. Even if you’re married or in a civil partnership, your spouse will not automatically inherit. Your estate may also not be divided in the most tax-efficient way, hitting the size of the legacies you would like to leave.
If you die without a will, who will inherit any business interests you have and how would that impact on any business partners? If you want your share of a business to be sold to your partner for example, rather than run by relative, you need to stipulate that in a will.
This could be a bone of contention for your loved ones. Some may wish to see them closed down, while others want to keep them available to be seen by the public. Making your wishes known in a will is a good way of avoiding potential conflict after your death.
You may have married, had children or grandchildren, divorced, bought or sold property, started a business, or taken out pensions or life insurance. People’s circumstances change, and their wills need to be updated to reflect that. If you marry or enter a civil partnership, your will is automatically cancelled. You need to ensure your children and partner are provided for, and your wishes about your property are clear. If you’re a single parent, you also need to think about who will look after your children.
This could have big implications for your tax affairs and the administration of your estate. You need a solicitor to give you the best advice to ensure you leave the best legacy possible for your loved ones.
This could help take a great burden off your friends and family at a distressing time. Knowing whether you want to be buried or cremated and what sort of service you’d like will help them plan a fitting goodbye. You could even take out a funeral plan and arrange matters yourself.
There are potential problems with wills. If you make your own, it could be unclear or you could include mistakes. That could make your will invalid.
If you plan on leaving legacies to a number of people and have complicated finances, getting a trained solicitor involved is even more important.
They’ll help you list your estate – including property, shares, pensions, business interests – and write a clear will which divides things as you’d like.
They’ll also encourage you to think about issues like what happens if beneficiaries die before you do and who will carry out your wishes.
If you’d like our help in drawing up your will, please contact us today.
Book A Consultation
Complete this short enquiry form for a consultation.
I was very pleased with the response from both Alun and Rhys. I needed advice regarding a will quite quickly and was initially responded to at the weekend by phone and then was able to make an appointment to see Alun a few days later.
Mrs R. Cardiff
You gave me peace of mind when having to deal with my affairs. You were very patient with me and took me through what was required when my husband passed away.
Mrs J. Cardiff
When my husband died I could not face dealing with the administration of the estate and the bereavement itself. I found Mr Thomas most caring and helpful. Thank you very much.
Mrs E, Cardiff
I hate paperwork and I am really pleased I can use a solicitor who I can trust and can talk to personally
Ms J. Cardiff
Having recently had the need to discuss my affairs with Mr Thomas, solicitor, I recommend this gentleman for his professionalism, integrity –care and understanding of the needs of his clients, and his truthful advice.
Mr P. Penarth.