How important is it to make a Will?
A Will is one of the most important documents you could sign, but 50% of people in the UK don’t have a Will, of which 20% are over 55 and 35% of people with children haven’t assigned a guardian should the worst happen.
Where there’s a Will, there’s a way…
Making a Will is often put at the bottom of the average ‘to-do’ list. If you own anything (no matter how big or small), and have loved ones that you wish to provide for following your death, we want to help you put it at the top.
Which is why we’re working with Nottinghamshire Hospice in the month of October to support you create a professional Will, giving you peace of mind.
What happens if I don’t have a Will?
A Will is an important legal document that enables you to make choices, unlike the intestacy rules (which take effect if you die without having made a valid Will during your lifetime).
Just some food for thought – the intestacy rules will not provide guardians for your children who are under 18 at the date of your death, nor will they provide for unmarried partners. If you have children under the age of 18, a partner you are not married to, or both, there is a solution – don’t leave it down to fate, and make a Will.
Besides this, making a Will gives you the opportunity to explore your options. To name a few – you can protect your wealth for future generations, choose the people you wish to administer your estate (known as Executors), grant additional powers to your Executors, and provide for vulnerable beneficiaries such as children or disabled children.
Take a step in the right direction…
When it comes to preparing a Will, you shouldn’t attempt to make a home-made Will just because it appears to be the quicker, simpler and cheaper option – it could cost you or your beneficiaries in the long-run.
For example, you may not have considered all of your options, simply because you do not know they are available to you. There are of course the obvious dangers that the Will is signed and witnessed incorrectly, written in such a way that it is interpreted incorrectly, or more-so, that nobody has a clue you have actually made it.
Preparing your Will
A solicitor will be able to take an objective approach to preparing your Will for you. They will consider all of your circumstances, including your Inheritance Tax position and provide you with the advice you need to make an informed decision on what you want to do with your estate. Costs will inevitably be a consideration, but first and foremost, you should get specialist legal advice from qualified solicitors.
There are ways to access legal services which will include the preparation of your Will without it costing you an arm and a leg!
Nottinghamshire Hospice are hosting ‘Make Your Will Month’ during October in which a number of local solicitors, including us, are offering their support to the Hospice by giving their own time (at their own expense) to members of the public who wish to make a Will. In return, all that is asked, is that a donation is made to the Hospice or a legacy left in your Will in their favour.
The choice is yours…
If you’re interested in making your Will in October with one of our trusted solicitors please click here: www.nottshospice.org/willmonth.
Author: Bindiya Patel, Solicitor