5 Reasons Why You Need a Will - Holdens Law in Lancaster & Kendal Can Assist You

No one likes to think about the future after your own death. However, if you do not prepare for this, your estate may be distributed in a way which you did not expect or want, and your children’s care may not be arranged as you want.  Sometimes, the lack of a tax-efficient Will means your estate will need to pay more Inheritance Tax.

If you do not have a valid Will when you die and you are not in a legal relationship with your partner, they and their children will not be provided for.  This also includes stepchildren you may have via a past legal relationship.

The lack of a Will or a badly drafted Will can lead to family disputes after your death, at an already emotional time.

The Wills and Probate team at Holdens Law, your local Lancaster and Kendal solicitors, will make sure that your wishes are clear, your beneficiaries will receive what is rightfully due to them and you understand all the tax-efficiencies on offer. 

In this article, we list five reasons why you need to make a Will.

Five Reasons to Make a Will

Making a Will with your local solicitors, Holdens Law, in Lancaster and Kendal, will give you peace of mind, knowing that your wishes will be followed after your death.

1. Your Choice of Beneficiaries

You get to choose who receives your assets after your death. If you die without a Will, you will have died ‘intestate’. Your assets will be distributed according to the Intestacy Rules.  These rules (in their current form) were brought into law approximately 100 years ago, and while they have been updated several times, they are still an inadequate solution for many families.  They do not provide for anyone who is not your blood relative.

2. Guardians for your Children

Who will look after your children if they are left without a parent? If you have not appointed a Guardian, the Court will decide who will be your children’s Guardian.  This may not be what you would have wanted.  You can appoint a Guardian in your Will.

3. Provision for Non-Legal Partners and/or stepchildren

If you are in a relationship with someone but you are not married to them or in a civil partnership with them, the Intestacy Rules will not apply to them. There is no such thing as a ‘common law’ wife/husband. If you have lived with them for more than two years the only way they can have financial provision made for them is to apply to the Court; and this is stressful, expensive and lengthy.  

If your non-legal partner has children of their own, and you consider them to be part of your family, it is worth noting that they will not be provided for by the intestacy rules.

If you have stepchildren from a previous legal relationship (spouse or civil partner) they are not your children, so will not be provided for under the Intestacy Rules.  Even if you do have a Will, the wording in your Will needs to be specific about how any assets are passed to your stepchildren, and importantly, their own children should that stepchild die before you.

4. Reducing Stress and Family Disputes

While having a Will will not prevent a family dispute after your death, it will probably reduce the risks of this happening.  Dealing with the death of a loved one is stressful. Grief is a powerful emotion and anything you can do to help your family through this difficult time has got to be a good thing.  Making a Will is always the right thing to do for your family.

5. Mitigating Inheritance Tax

No one wants to pay more tax that they need to. It is entirely sensible to organise your financial affairs so that your estate pays the right amount of Inheritance Tax. Holdens Law in Lancaster and Kendal can provide Inheritance Tax planning advice.

Holdens Law in Lancaster and Kendal will guide you through the process of making a Will from start to finish.  The team are experts in explaining the process in easy-to-understand language and with clear, plain English correspondence.

The cost of a Will depends on its complexity. We will agree a fixed cost with you before or at your appointment with us.  Call now for a quick chat if you have any questions about how to start the process. We offer free home visits within 10 miles for those unable to come to our offices.