Making a Will

To ensure that your beneficiaries inheritance is secure it is important that you make a Will. If you do not everything that you leave will be allocated according to the Intestacy Rules and, as a result of this, your possessions may not be distributed as you would have wished.
By making a Will you may avoid all kinds of complications and expense for those who inherit, meaning that your estate can be distributed with minimum delay.

What are Intestacy Rules?

Intestacy Rules apply should you die without having made a will. Under these rules assets are often passed to unintended beneficiaries; unwanted trusts with limited powers of investment can be created, and undesirable Inheritance Tax consequences may occur. Intestacy commonly leads to a greater delay in obtaining a Grant of Probate than if a will had been made.

Before you start making your Will, you should:
- Make a list of all your property and assets.
- Think about who you would like to inherit them.
- Consult anyone you need to about your choices.
- Think about who could be your Executor(s) and Guardian(s) and obtain their agreement.

Most importantly you should seek advice. It is all too easy for a home-made Will to create unintended results in the distribution of your estate. Both people in a couple should make a Will, even if one of them has relatively few assets. Marriage can revoke an existing Will, as can a divorce. It is essential that when drawing up a Will you consider investement, taxation and other financial implications. Independant financial advice goes hand in hand with descision relating to Will planning.

Contact us today for guidance on these areas.

Lifestyle Financial Choices Ltd always recommend you seek professional advice from a solicitor.