Nine reasons why it makes sense to make a will

1. To ensure loved ones are protected

Currently the surviving spouse or civil partner would receive £250k and the balance would be divided between the surviving spouse and children at 18. If you have a partner but are not married, they could end up penniless or be forced to prove financial dependency by taking action through the Court to prove entitlement to the estate.

2. To protect children where there is a second marriage

It is very important to make a Will because of the complex nature of current family relationships. Where there is a second marriage it is very important that new Wills are made to prevent children from the first marriage being disinherited.

3. It is vital to make a Will when your first child arrives

You can use your Will to appoint a guardian to care for your child if anything happens to both parents and you can make provision in the Will to provide a fund to cover the cost of maintaining your child.

4. Inheritance Tax

Since 2007 it has been possible to save Inheritance Tax by making a Will leaving everything to your spouse or civil partner and the survivor claiming the nil rate band of the first to die.

The current exempt band for married couples or civil partners on the second death is £650k.

5. Charity

Gifts to charity in your Will will be free of Inheritance Tax.

6. Wills can be used to protect the inheritance for the next generation by the use of Trusts

Trusts can be used to protect the family wealth from third party claims such as divorce, financial or business difficulties. In addition, trusts can be used to control the age at which spendthrift children can inherit their share of the estate.

7. To appoint trustworthy executors who can deal with your estate after your death

8. To ensure that cherished items pass to your loved ones

9. Peace of mind

Enough said.

Consistent with our policy when giving comment and advice on a non-specific basis, we cannot assume legal responsibility for the accuracy of any particular statement. In the case of specific problems we recommend that professional advice be sought.

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