Why Make a Will?
With the two certainties in life being death and taxes, it is extremely important for people to make Wills based on proper professional advice.
A person dying without a Will has no control over who inherits their assets and in what proportions because property will pass to that person’s family in various shares depending on the particular family circumstances. This can result in a large number of people inheriting a property jointly, leading to disagreement as to how to manage that property in the future. Inheritance Tax can arise on death but a properly drafted tax efficient Will can minimise the effects of Inheritance Tax and avoid a situation where property might have to be sold to pay that tax.
The modern definition of family is changing on a continuous basis but the law has not always caught up and people can discover that the people that they thought would inherit their property will not. This can lead to hardship and bad feeling for many years to come. A properly drafted Will through your solicitor will allow you to control the distribution of your assets on your death. You can decide who will benefit, and sometimes more importantly who will not benefit. You can make provision to minimise any taxes that might arise and you can be secure in knowing that your loved ones will not have additional hardships to face after your death. Everybody should visit their solicitor to make a Will and if one is already made it should be reviewed on a regular basis to ensure that it continues to meet your requirements. Avoid family upset and review your Will today.
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