Why you should make a Will

Mortgage Quote Line

0845 108 0505

• Mortgages
• Credit Cards
• Loans
• Investments
• Life Insurance
• Home Insurance
• Insurance

Why you should make a Will

You may perhaps have felt that, with a busy life to lead, arranging a Will is not a very urgent matter. Understandably enough, many people imagine that when they die, everything they own automatically passes to their Partner. Unfortunately, this is not always the case.

Do you realise that if you were to die intestate (without a Will), your possessions would be distributed according to strictly defined legal rules, which could cause considerable hardship to those closest to you. For example, if you have children, your husband or wife would only inherit outright the first £125,000 of your estate. Even remote relatives might have a share in what you own at the expense of your direct dependants. Unmarried Partners are even more vulnerable!

If you have children under the age of 18, it is essential that you appoint responsible Guardians, and also ensure that there will be sufficient funds set aside for their upbringing. With unmarried parents, the natural father does not automatically have the legal right to look after his own child in the event of the mother's death!

Making a comprehensive Will, and updating it when necessary, is the only way to be sure that your wishes will be known and that your family will be safeguarded in the event of your death. Estate Planning helps you to protect your business interests, minimises your liability to Inheritance Tax and underpins any other financial arrangements that you may already have made.

Most people appreciate the need to make a Will but have not had the opportunity to consider the wider implications of proper Estate Planning. The Law Society recommends that an Enduring Power of Attorney is drawn up when making a Will. This simple, yet powerful, document provides a lifeline should you be unable through sickness or accident, to handle your own financial affairs.

Another important area that is often overlooked is the correct ownership of property. If for any reason you need Long Term Care, and your assets exceed £19,000, your home could be used by the Local Authority to meet the costs. By altering the basis under which you own your home, this valuable asset can be preserved and passed intact to your Heirs.

In addition, Chancery Law Group can provide you with specialist advice in a number of other important areas, such as: Residential Conveyancing; Business Wills; Company / Partnership Formation & Review; Specialist Family & Asset Trusts to minimise tax; Document Storage.

Apply Now: Inheritance Tax and Will Planning Enquiry Form

Next: Property Inheritance Protection >>