Why should you make a Will?
With lockdown 2.0 ongoing, the COVID-19 pandemic continues to have a huge impact on our everyday lives. Inevitably this has created uncertainty and worry for many whilst we have all adapted to the ‘new normal’.
Many of us will sadly know of others who have lost their lives to the virus and at Whitehead Monckton we have seen an increase in the number of people wanting to ensure that their affairs are in order in these increasingly unpredictable times should the worst happen by creating or updating their Wills.
It is a striking statistic that it is thought that over half of the adult population do not have Wills in place despite this arguably being one of the most important things you should consider doing. Here are just some of the reasons (there are many more!):
- Protecting your assets and exercising control – you have spent your life building your estate so why not ensure that it passes to those beneficiaries you want it to pass to rather than by the rules of intestacy which may be to family you may not wish to benefit?
- Protecting your children – you have the ability to designate guardians for your minor children rather than allowing the Court to decide who will care for them.
- Mitigating tax and the cost of care – by the effective use of succession planning you may be able to mitigate inheritance tax payable on your estate and/or protect your estate from future care home fees.
- Avoiding disputes – you can seek to protect your estate from potential disagreements and expensive claims after your death.
- Peace of mind – knowing that you have left your affairs, including your funeral wishes, in order provides peace of mind that it will be quicker, cheaper and less stressful for your loved ones to deal with.
Everyone will have their own motives for wanting to make a Will and at Whitehead Monckton we recognise this individuality by providing a bespoke succession planning service where the documents supporting it are drafted by an experienced lawyer following a discovery process where we shall learn about your objectives.
Whether you wish to review an existing Will or create one for the very first time, please do not hesitate to contact us at Whitehead Monckton today to discuss your individual circumstances.
Joshua Parton, Solicitor, Tax & Estate Planning
We can also assist with:
- Probate and estate administration
- Lasting Powers of Attorney
- Tax planning
- Trust administration