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About the Author
experience in the area of wills and probate. He has also written for other
publications on the subject.
Excerpted from Wills and Probate (Which Essential Guides) by Paul Elmhirst. Copyright © 2007. Reprinted by permission. All rights reserved.
For most people, what happens to their property and family when they die is
a matter of importance, but others fear making a will as if to do so would
somehow tempt providence. More commonly, people die without have made a
will because have just not got around to it.
Here are some very good reasons as to why you should make a will:
You can put your affairs in order and leave clear instructions to provide
for your spouse and family.
You can choose who should be your Executors.
You can make proper financial arrangements for your children if they are
under 18 at the date of your death, as well as appointing a guardian to
look after them.
To reduce or eliminate Inheritance Tax. Properly made wills can frequently
save tens of thousands of pounds in Inheritance Tax.
To make special provisions for children who may have health, matrimonial or
financial problems, thereby ensuring that the wrong people do not get their
hands on your money.
To minimise the effect of long-term nursing care on the family fortunes.
To set out what sort of funeral you would like.
To avoid disputes within the family.
Equally, there are significant thing that may happen if you don't make a
will:
Inheritance tax. If your assets and the assets of your spouse exceed
£600,000, your children could end up paying out more that £100,000 of
inheritance tax, which could be avoided altogether.
If you re-marry, the children of your first marriage may not get anything
on your death.
Your spouse may not be adequately provided for.
If you have a partner to whom you are not married, he or she will receive
nothing on your death and, although your partner may be able to make a
claim against your estate, their opponents may be your (and their) infant
children. The costs of such an application will reduce the estate.
The intestacy provisions may give part or all of your estate to someone you
would not want to benefit and may not provide for someone who is dear to
you.
