A recent study carried out by Will Aid, which runs a charity Will-writing campaign every November, found that 51% of adults have not prepared a Will.
More than half of British adults have not written a Will, despite the fact that dying without one could mean their final wishes aren’t carried out.
If you die without a Will (dying Intestate), the Crown decides by the Rules of Intestacy who will receive your property and possessions. This could mean that some people e.g. unmarried partners or step children, or pets or charities will not receive anything from your estate
Benefits of writing a will
Making a Will provides valuable peace of mind that your property and possessions pass to the people you want to benefit.
- It allows you to plan for the future of vulnerable family members. You can appoint a Guardian who will look after your children if you die unexpectedly young or it enables you to provide a Trust for beneficiaries who require specialist care to protect them in the future.
- If you are unmarried but have a civil partner, a Will can make provision for them to receive a share of your estate
- If you have divorced and remarried a Will ensures that your children from your first marriage can also receive a share of your estate.
- A will enables you to make special bequests to pass on family heirlooms or special items such as pieces of jewellery to family and friends and to make a donation to your favourite Charity.
- A Will may reduce the tax that will be paid on your estate and protects your assets for your family and future generations. Inheritance Tax does not just affect the rich, it is payable at a rate of 40% on the value of your estate above £325,000. However there are allowances that can be claimed to help reduce you Inheritance Tax bill.
At Peter Robinson & Co. we can help you write your Will and guide you through Inheritance Tax Laws to help protect your Estate.
Don’t put off writing your Will any longer! Get in touch with Peter Robinson & Co and let their experienced team help you through the process.