Good Reasons for Making a Will
It’s risky to put off making a will
Choosing guardians for your young children is crucially important for their upbringing, as is making secure financial provision to help your guardians whilst ultimately protecting the inheritance for your children.
Without a will, the devolution of your estate is governed by law. A will allows you to express your testamentary freedom and leave your estate however you wish it to pass.
A Will can make financial provision for your spouse whilst ensuring your estate passes to your children. This is particularly important in step family marriages. It can also provide protection against care home fees, failing marriages and bankruptcy amongst your children and grandchildren.
A will provides many opportunities for tax planning to protect the estate you pass on from further inheritance tax. It can also provide income tax and capital gains tax-efficient provision for children and grandchildren.
A will is a complicated legal document disposing of hundreds of thousands of pounds worth of assets. Write the will yourself and get it wrong and there’s no come back for your beneficiaries or someone to blame. If the solicitor gets it wrong, they are sued and your beneficiaries do not lose out. The cost of having a solicitor prepare the will provides you with peace of mind.