A will is a legal document that sets out your wishes regarding who should inherit when you die. It regularly covers the distribution of your property and the care of any minor children.
If you die without a will, you are classed as dying “intestate”. The people who inherit in this instance varies, depend upon who survives you. It is likely that your wishes may not be carried out. Those who lose out will have to resort Further, your heirs may be forced to spend additional time, money, and emotional energy to settle your affairs after you're gone.
There are many good reasons to have a Will in place:
You can set out who inherits, and how much they receive;
You can set out who will be the legal guardians of any minor children. If you do not do this, the Courts can decide this.
If you don’t want someone to inherit, you can explain why and who should inherit instead;
You will appoint an “executor” to your will who is responsible for administering your estate in accordance with your Will. This makes it quicker and easier for your beneficiaries to receive their assets.
You can make your estate more tax efficient;
You can plan for the future and safeguard assets for the future, such as care fees planning. Typically this involves the use of trusts; and
You can create flexibility to provide for loved ones who are vulnerable or disabled without affecting their means tested benefits.
At HTF Legal we provide a fixed fee service for Wills, please click here to see our price list. This means you can be clear on costs at the outset. We also offer free Will Storage so that your documents are secure.