Will Writing

Made a will?

If not, we can help!

Why it's important to make a will

It is still widely believed by many married people (one in two)* that on their death, all their assets will automatically pass to their spouse. But in reality, depending on the size of the estate, if there are children, a spouse may only inherit personal items and the first £125,000 outright.

The remainder of the estate is split to one half on trust to pay the income to the surviving spouse and the other half passes absolutely to the children on attaining the age of 18 years. This applies by law in England, Northern Ireland and Wales, different provisions apply to Scotland.

If you Cohabit as partners then, contrary to popular belief, your partner would have no automatic right of inheritance, which means that as more and more people choose to live together, the making of a Will is ever more important.

You also need to take into consideration who would care for your children if both of you were to die - guardians need to be appointed so you can be sure they will be cared for by people you know and trust. A Will can set out your wishes in this respect precisely - otherwise you are leaving it for the courts to make the decision!

Statistics show that many of us do not have a Will, which is astonishing considering how important a Will is for leaving what you want, to whom you want. As well as providing legal ways of helping to avoid or reduce inheritance tax, a Will can help to ensure that at a time of grievance your family does not suffer more that is necessary.

If you don't have a Will then you will NOT be able to do the following:

• pass your estate to an unmarried partner
• decide how much money is left to each of your family members
• specify who will become the guardians of your children
• leave something to a charity
• leave a momento, eg a piece of jewellery to a treasured friend
• reduce any potential inheritance tax liability your estate may have
• preserve your estate should you go into residential care

Already have a Will?

If you already have a Will you may need to think about if it needs updating - have your circumstances changed with your estate, your family or maybe your inheritance tax liability has increased.

For more information and a FREE, No Obligation consultation, please call us today on 0203 370 5772 or 0203 370 5773. You can also contact us on our mobile by calling 07830 208 218. Alternatively send us your enquiry below.

* The information on this page was obtained from the NOP World Survey, October 2003.

The Financial Services Authority does not regulate will writing and trusts.