Share this article
This year’s Remember a Charity week theme is ‘Passing on something wonderful by leaving a gift in your Will’. But, did you know, around two thirds of UK adults don’t have a Will?
When there isn’t a Will…
There is a common belief that if you were to die without a Will, your surviving spouse and/or children would automatically inherit your entire estate. This is not true! If you die without a Will, the law will decide who inherits the estate. If you are married or in a civil partnership, the first £250,000 would go directly to your surviving spouse and any residue would be divided between the spouse and your children. If you are unmarried, your partner would have no legal claim on your assets.
Why don’t people make a Will?
Most people find it easier to react to a situation they are confronted with, rather than make plans for an uncertain future. However, dying without a valid, up to date and legally valid Will in place, risks leaving your loved ones with a very bitter legacy of confusion and uncertainty.
Good reasons to take care of the things that matter…
If you haven’t taken the necessary steps already, you could make a Will in October, with Arthur Rank Hospice Charity’s Make a Will Month.
Making a Will means that you can pass on something wonderful to future generations:
• YOU control how your estate will be distributed;
• YOU can provide adequately for your spouse during his /her lifetime whilst protecting the family assets for the next generation;
• YOU are the one to make an informed decision as to who will care for your minor children;
• YOU will ensure that your hard-earned wealth stays in your family and goes down to your children and grandchildren and remains protected;
• YOU can choose to look after the causes you care about On top of this, a Will means you can:
• make an informed choice as to who will be able to manage your estate affairs and assist your family with financial decision making if needs be;
• mitigate your Inheritance Tax exposure;
• avoid double Inheritance tax charges by skipping a generation; • avoid unnecessary legal challenges which would bind your estate; and
• avoid unnecessary delays and stress in the probate process for your family
Huge thanks to Bavani Naidu, Private Client Consultant at PEM, Cambridge, for the facts provided in this article.