Your will lets you decide what happens to your money, property, and possessions after your death, confirming that your wishes are respected. Making a will can also ensure that you do not pay more Inheritance Tax than you need to.
But why is it important?
If someone dies without a will it can be complicated, as the law decides who inherits the estate under intestacy rules. It is important to make a will because:
- if you die without a will, there are rules which dictate how the money, property or possessions should be allocated. This may not be in the way that you’d hope
- unmarried partners and partners who have not registered a civil partnership cannot inherit from each other unless there is a will, so the death of one partner may create serious financial problems for the remaining partner
- if you have children, you will need to make a will so that arrangements for the children can be made if either one or both parents die
- it can help to reduce the amount of tax payable on the inheritance if advice is taken in advance and a will is made
- if your personal circumstances have changed, it is important that you make a will to ensure that your money and possessions are distributed according to your wishes. For example, in the case of a marital separation where your ex-partner now lives with someone else, you may want to change your will. If you are married or enter into a registered civil partnership, this will make any previous will you have made invalid
There is no requirement for your will be drawn up by a solicitor, you can write your own will. However there are some common pitfalls that they can help you to avoid;
- not being aware of the formal requirements needed to make a will legally valid
- failing to take account of all the money and assets
- failing to take account of the possibility that a beneficiary may die before the person making the will
- making changes to the will. These alterations need to be signed and witnessed, to ensure that they are valid
- being unaware of the effect of getting married, having a registered civil partnership, divorce, or dissolution of a civil partnership on a will
- being unaware of the rules which exist to enable dependants to claim from the estate if they believe they are not adequately provided for. These rules mean that the provisions in the will could be overturned
We encourage all clients to ensure that they have an up to date valid will that reflects their current circumstances and wishes.
Please note that EFG Harris Allday does not provide Legal or Tax advice. Please consult your professional advisers in that regard.