19 Jan 2021

Why you should make a Will

 

Making a will is an important step. It will help you take care of loved ones and give you comfort that you have done the right thing to help them as much as you can, at what will be a difficult time. Here are some reasons why you should make a will and how we can help you and your family.

The law can create bad outcomes where there is no will

The laws of intestacy can throw up very strange results. Rules that can favour an estranged sibling over a spouse or require a long-term partner to ask the court for permission to inherit anything from their partner’s estate! The laws of intestacy can mean leaving the destiny of your estate to chance and outdated rules.

Protecting loved ones

A will helps you choose how to provide for and protect loved ones or causes close to your heart, such as charities.

Control and choice

A will allows you to choose how your estate will be managed and divided. It enables you to control who benefits, in what way and when. It helps you decide who does and does not benefit from your assets.

Certainty

By giving you choice, it gives you certainty over what will happen to your estate. By making a will, you set out what happens to your estate and you will then have the comfort of the knowledge that you are clear about what will happen.

Speeds up the process

If you make a will, you will select executors. That means it is known from the outset who can administer the estate. It helps deal quickly with third parties such as banks. It also avoids the need to go to court to have executors appointed.

Reduces scope for disputes

Making a will and considering how your estate should be managed and divided will reduce the scope for disputes over who will make decisions and inherit your estate.

Securing family wealth… for the family

The right type of will can be the basis for ensuring hard-earned family wealth stays in your family and is not put at risk by relationship breakdowns, financial issues with beneficiaries, creditors and other threats. A will can keep assets in a blood line.

Caring for young children or vulnerable adults

A will allows you to select who should be guardian to children under 16. It can also provide a protective environment, such as through a trust in the will, to manage funds for a vulnerable adult. You will then know the legal structure is in place to protect those needing extra support.

Business stewardship

A will could be a critical tool in the stewardship of a private or family business. The right type of will and the right combination of executors can be essential. It enables the right decisions to be taken for a business asset. This all gives the foundations to protect and even grow value after the death of a shareholder and key individual in a business.

Other points to consider

Alongside making a will, you will want to think about points such as any benefits under death in service at work, pension death benefits as well as granting a power of attorney.

We can help you.

Call 0141 221 6020 or email alaneccles@bkf.co.uk and we will be there to help you and your family.