A will is a document that dictates how you would like your property, assets and cash to be divided up when you die. It ensures that your family or whomever you wish to leave something behind for receives what you intended.
A will is an important legal document because without one upon death your estate will be distributed using the ‘Rules of Intestacy’. This means that certain people may not receive a share of the estate that you wanted too. It could also mean that certain people receive too much of the estate than you had wished for. The distribution is often not tax-efficient and so the recipients may receive less than if a will was used. Therefore, a will is important to ensure that your estate remains tax efficient and your wished are fulfilled in terms of who gets what.
If you have a few financial assets, then it is worth making a will as soon as possible. This is because life can throw unexpected surprises and it is best to ensure that your loved ones will fully benefit in the unfortunate event of your death.
It is very important for a will to be made up properly, where, if it isn’t, then the document could be contested in court and in a worst case scenario, the document may not be valid, which would in-turn mean that your wishes wouldn’t be adhered to and your intended beneficiaries may not receive what they hoped for.
Old Bray Estate Planning differ from a typical solicitor in that we provide a capped fee for our services and are able to advice across legals, financial planning and tax in conjunction with our key partners. Putting together an estate plan can help with managing inheritance tax, probate, legacy & bloodline planning, divorce, marriage after death and reducing the cost of care home fees.
For more information, please get in touch.