Monday, 24 February 2014

10 Reasons To Make A Will


A Last Will & Testament is one of the most important documents you can create, but so few of us have one. Here are some good reasons why every Isle of Wight resident needs a Will. 

  1. YOU are in control.  With a Will you can dictate who receives what and how much.  Without a Will, the laws of Intestacy will come into play.  These complex set of rules date back to 1925 and are not reflective of today's modern family arrangements.  
  2. Do you have children? If so, you MUST have a Will. You may assume that your parents will have guardianship if both yourself and partner were to die, but that may not necessarily be the case.  Your child could end up in the care of Social Services while the Courts decide who should look after them.  Every Isle of Wight parent has a responsibility to their children to create a Last Will & Testament in order to ensure a guardian is appointed.  
  3. You can specify who you want to act as your executor.  Without a Will, it will fall to your next of kin, who may, for a variety of reasons, not be who you want.  
  4. Most people believe that if they die intestate, that their spouse will automatically receive everything.  This is not the case - the rules of intestacy will dictate how much your spouse receives and who else your estate will be distributed to.  
  5. It is quicker and easier for your estate to be managed if there is an existing Will in place.  Without this, it could be a lengthy process and could incur costs that were unnecessary. 
  6. If you are living with someone, but not married, they will not automatically receive anything unless you make a Will or hold the property jointly. 
  7. When you write a Will, you are able to decide at what age your children (or any minors) will be able to inherit. 
  8. The absence of a Will could lead to disputes within a family. A Will is designed to outline who receives what.  There is also the option to add 'Exclusions', which will allow you to express your wishes as to who you don't want to receive anything. 
  9. A well written Will will help your family and may reduce Inheritance tax liability.
  10. Writing a Will gives peace of mind, knowing that you have taken every effort to look after your loved ones - in any eventuality.
Don't put off writing a Will because you think you're too young or that death won't touch you.  By the time you need it, it is too late. Look after those you love - write a Will.  Write it, and then go live your life.

If you would like to discuss making your Will, call Wight Wills on 01983 897122.
For more information, visit www.wightwills.co.uk



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