Making A Will Does Have Many Benefits For You and Your Family
With Christmas just around the corner, we tend to think about our loved ones and what we would like to give them. Christmas shopping can be a difficult task as there are so many wonderful options to choose from. But have you considered how drafting your Will may be an alternative (albeit unconventional) way of giving something meaningful to those you love?
Making a Will is often viewed as a gloomy task and something many of us put off dealing with until later life. It certainly isn't a topic that naturally springs to mind over the festive period. However, making a Will really does have many benefits for both you and your family.
Firstly, making your Will gives you the opportunity to outline exactly who you want your assets to pass to after you die. Without a Will there are strict rules, known as the Intestacy Rules, which dictate who can inherit from your Estate. Sadly this can mean that, in many cases, the wrong people benefit. Making your Will is especially important if you have children or other people who rely on you financially, or if you want to leave something to people outside of your immediate family.
Having a Will in place usually makes it easier for your loved ones to sort out your affairs after you have gone and can often prevent potential conflict. If certain people disagree with the way in which your assets are split, they may be able to bring a claim against your Estate and such claims can be costly and time consuming - not to mention stressful for those you have left behind.
Having a professionally drafted Will can also help mitigate inheritance tax - which is a significant tax charged at a rate of 40% - meaning your chosen beneficiaries could get a much larger legacy than if you never take advice. And in the spirit of giving, you may be interested to know that you can leave a legacy in your Will to your favourite charity, should you wish.
There are so many good reasons to make writing your Will the next thing on your to do list and we are always happy to help.
If you would like any information or advice, please do not hesitate to contact our specialist Private Client team on 0161 785 3500 or email email@example.com.
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Please note that the information and opinions contained in this article are not intended to be comprehensive, nor to provide legal advice. No responsibility for its accuracy or correctness is assumed by Pearson Solicitors and Financial Advisers Ltd or any of its members or employees. Professional legal advice should be obtained before taking, or refraining from taking, any action as a result of this article.
This blog was posted some time ago and its contents may now be out of date. For the latest legal position relating to these issues, get in touch with the author - or make an enquiry now.