Who needs to make a professional Will?
Planning your estate and making a professional Will is one of the most important things you will ever do. By protecting your hard earned wealth and assets, and putting them in order, you can protect those people that matter to you the most.
Whatever your circumstances, to die Intestate (without having made a Will) leaves your loved ones in an uncertain and stressful position. Putting your affairs in order is one of the most important tasks you are likely to undertake.
But making sure that you have a Will is not enough; it has to be the right type – one that is professionally drafted to take into account your wishes, and your personal and financial circumstances.
A professionally prepared “Will” can allow you to:
- State who you wish to inherit your estate.
- Make specific legacies to family or friends or gifts to favourite charities.
- Appoint suitable guardians for your young children rather than leaving the choice to the Courts.
- Set up maintenance trusts for children to protect their inheritance until an age chosen by you.
- Ensure your children’s (or other beneficiaries) inheritance, should your surviving partner re-marry.
- Safeguard your share of the property from being sold to pay for the survivor’s future care fees, so protecting assets to leave to your family.
- Minimise the Inheritance Tax liability on your estate, so giving more to your chosen beneficiaries, rather than to the Taxman.
Updating an Existing Will
Once you have a Will, it is strongly recommended that you review it every 2 to 5 years. Your wishes may or may not have changed, but the value of your assets and the law may have. It is very important to ensure that your Will does exactly what you want it to do; that it protects your assets and investments, and that it keeps up with any relevant advantages within the law of estate planning.
Living Wills (Advance Directive)
A Living Will is a document designed to help clarify your position as regards to Advance Refusal of treatment. The document helps you to express your clear wishes in advance of the time when such difficult decisions may need to be made by your family and loved ones.
For more information on what is involved in writing a Will see Understanding the Process