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10 good reasons to make a will

View profile for Ben Jones
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To help those who may be having doubts about writing a will, or are delaying the process, the wills and probate specialists at Hancock Quins in Watford have made a list of ten reasons why you should get on and make your will sooner rather than later.

  1. Your possessions may not go to the people who you would like to benefit from them - if you do not make a will, the law applies ‘rules of intestacy’ which set down who will benefit from your estate and in what order.  The rules may not be in line with what you want or expect.
  2. Making provision for any minor children - you can ensure that your minor children are adequately cared and provided for.  In a will you can appoint guardians to look after them and trustees to take care of their finances.
  3. Minimising or eliminating inheritance tax - if your estate is worth more than £325,000 your loved ones could pay 40% inheritance tax.  Lifetime planning and a tax efficient will can minimise or eliminate inheritance tax.
  4. If you are not married, your partner or cohabitee will not benefit from your estate - the rules of intestacy do not recognise a partner or cohabitee.  In these circumstances, a will is essential to ensure they are provided for.
  5. Choice of executors and expressing funeral wishes - your will appoints executors to administer your estate and can deal with funeral arrangements, safeguard the assets and trustees are appointed to manage the funds for them.
  6. Marriage or divorce - if your personal circumstances change, you should make a will or review your existing one.  In the case of marriage, any existing wills may be revoked.
  7. Care home fees - a carefully drawn will can preserve assets for the next generation.
  8. Trusts - in instances where there are vulnerable or spendthrift beneficiaries, including a trust can safeguard the assets and appoint trustees to manage the funds for them.
  9. Joint property – there are different benefits in owning property with another person as ‘joint tenants’ or ‘tenants in common’ and different consequences on death.
  10. Peace of mind - it is never too early to put your affairs in order.

For more advice about making a will contact Ben Jones on 01923 650852 or email bjones@hancockquins.co.uk to discuss your requirements.

The contents of this article are intended for general information purposes only and shall not be deemed to be, or constitute legal advice. We cannot accept responsibility for any loss as a result of acts or omissions taken in respect of this article.

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