Most people would prefer not to consider the inevitable. As they say, very few things are guaranteed but, sadly, death is one of those. Emyr Pierce, Managing Partner with Emyr Pierce Solicitors in Rhiwbina, explains why having a Will could save you and your family both money and possible complications.
It is essential that you take time to seek advice and consider the needs of your loved ones when you are no longer here to care for them. Without a Will, you risk your assets passing under the Intestacy Rules – the Common Law’s attempt to anticipate your intentions had you made a Will – which may not coincide with your actual wishes. Further, making arrangements for minor children through the appointment of Guardians is also a major concern for young families.
There are other important reasons why a Will may be essential. First, don’t assume that your partner will get everything – even if you are married, or in a civil partnership, your entire estate will not necessarily pass in its entirety to your spouse under the Intestacy Rules. What these Rules anticipate, and what you may actually want, could be entirely different. If you’re not married, your partner is not entitled to anything, as of right, either.
Perhaps one of the greatest reasons for making a Will is the need to appoint Guardians for your minor children. Few want to consider the possibility of both parents dying. By making a Will, you can appoint a trusted friend or relative as Guardian of your children to look after them and bring them up as you would have wished.
You may currently be caring for such as an elderly parent or vulnerable sibling or child and your Will can stipulate arrangements for their ongoing care in your absence, to include appropriate financial provision if necessary. You can also make gifts to non-relatives who would otherwise not benefit under the Intestacy Rules unless you say so – if there is a special person in your life, and who may not necessarily be related, and you want to leave something to them, this can only be guaranteed by making a Will.
Seeking expert advice on drafting a Will could save you tens of thousands of pounds in unnecessary Inheritance Tax payments. It’s important to seek professional advice, not only to help with Estate Planning and ensure that the Will is legally binding, but such advice could also significantly reduce the likelihood of someone excluded from the Will making a successful claim against your Estate.
Making a Will needn’t be time-consuming and can actually be fun to do. Its nominal cost is insignificant in comparison with the cost, expense and distress that can be caused to those left behind when there is no Will, or insufficient thought has been given to whom should benefit in the event of your death.
For an immediate quotation or to discuss your concerns with a specialist, please telephone us on 02920 616002 Monday to Friday 9am to 6pm and on Saturday 10am to 4pm. You can also visit www.emyrpierce.co.uk or email us at firstname.lastname@example.org
Emyr Pierce Solicitors, 1 Heol-y-Deri, Rhiwbina, Cardiff CF14 6HA
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