We all put things off that we think are a long way in the future and no-one really wants to think about dying. Here are some of the excuses our team have heard...
Only old people need to make a Will – none of us have a guaranteed life expectancy and certainly if you have dependent children you should make provision for them in your Will. Consider appointing guardians to look after them and trustees to manage their inheritance.
If I make a Will, will I die? – Death is inevitable for us all, best to be prepared and have your affairs in order.
I don’t have anything to leave – no-one can be certain what estate they have to leave when they eventually die. Make a list of your assets and you may be surprised – include such things as jewellery, cars, caravans, tools, antiques etc., Premium Bonds, insurance policies, death benefits from an undrawn pension fund – all these can form part of your estate. Also consider any on-line assets and make provision for conveying confidential access details to a trusted person.
My family knows what I want to happen – they may well do, but if you don’t have a valid Will and die intestate the law will decide who gets what. Your family members may not be able legally or practically to deal with your estate on death, or family members may have a different understanding of your wishes. Wills & Tax Associate Heather Varley says, "Failing to make provision for your loved ones and leaving them to sort out your debts and assets when they are grieving can be very difficult for them."
My family situation is too complicated - this just highlights the importance of making a Will. It is vital to discuss the areas that you feel may complicate matters and get the correct advice. Without a Will in place your wishes will not be carried out.
It costs too much – what value do you put on peace of mind? People often over estimate the cost of making a Will.
For a free initial chat, please call 01202 499255 and Heather or a member of her team will be happy to discuss any questions that you may have.