Why a Will?Written on May 18, 2016 by Kirk Rice LLP
Financial Services QuestionsThe Question:
A friend mentioned that he and his partner have written Wills now they have children and how important it is that I do the same. I thought the government looks after my affairs after my death and sees that my family get the money and assets I leave. Do you think I need to do anything?
Kirk Rice LLP answers:
If you have never written a Will then I think you should now. Your friends may know enough about you for them to know that you should, and there are very few people for whom the Government’s rules exactly meet their wishes. Many people delay estate planning more than they do their tax returns on the basis that it won’t cause them an issue! However, there is always the possibility that death will come through an accident or previously unnoticed medical condition and there will be no time or perhaps no mental capacity to allow last minute planning to take place. The law treats anyone who dies without expressing their wishes as a failure to prepare (known as intestacy) and sets out strict rules over who can act for you and who can benefit from your estate. Once you have set out your Will, you can change it at any time should your wishes and circumstances change.
Why do something about it? Most of us have a common beneficiary if we do nothing, the government, through the inheritance tax regime. I trust you can think of people who you would class as more deserving beneficiaries. Using simple planning, which is set out in law, you can choose your beneficiaries and usually significantly reduce the government’s share of your estate. You must consider the welfare of your widow(er) or surviving partner and children as you could leave them without the financial security you might think they will have. If you do not provide for them, they may face a long legal procedure to prove they deserve a share, during which they generally will have no access to your assets and could face unnecessary hardship.
Financial advice is valuable as advisers are required to know the effect of intestacy rules and keep up to date with the steps you can effect that are within the inheritance tax law. An example of this is for people who can make gifts during their lifetime to provide for beneficiaries. These are effective even when you do not have a Will. Beneficiaries do not need to know about the arrangement until a time of your choosing e.g. after your death.
Click here to view our Guide to Estate Planning . Any reader interested in discussing this topic further can telephone Michael Powell on 01344 875000 or email michael.powell@kirkrice.co.uk.
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Please note: answers are given for general guidance only and specific advice should be taken before acting on any of the suggestions made.
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