Do I really need a Will?

If you care what happens to your family and your property after your death, you need to make a Will. If you die without making a Will (intestate) your estate may not be distributed in the way that you wish, and your family could face unnecessary financial and emotional stress.

At Thrings, we have an experienced Private Client team with exceptional specialist expertise who can guide you through the complexities of Wills and Probate. We have direct access to the leading Barristers in the country who specialise in estate and tax planning. We are Lexcel accredited, and have purpose-built storage facilities for safeguarding your Wills and other documents.

The following are just some of the reasons why you may need a Will. We can give you the tailored advice you need to make sure your wishes are carried out.

Ten reasons to make a Will
 

  1. If you have married since your last Will was made, you may want to make a new Will, as the last one will have been revoked by your marriage. We can help you draw up a new Will.
     
  2. If you are in the process of getting divorced and you want to ensure that your spouse does not inherit your assets automatically, you would be wise to make a new Will. Your spouse may have been named in your previous Will, or, if you have not yet made a Will, your spouse would stand to inherit most of your estate as your next of kin. We can advise you on the right type of Will to suit your requirements. 
     
  3. If you are co-habiting, it would be advisable to make a Will because, no matter how long you have been together, your partner is not automatically entitled to any assets that are in your sole name, and may not be entitled to your share of assets held in your joint names. We can help you to make a Will that protects your own and your partner’s interests.
     
  4. If you are married and your joint assets are worth more than £450,000, we would advise you to make a Will, as your spouse may not automatically inherit the whole of your estate. We can advise you on all aspects of the new legislation.
     
  5. If you have re-married and want to provide for your children from your first marriage, you should make a Will because, without one, most of your assets will pass to your new spouse and you might inadvertently disinherit your children. We can help you protect your loved ones with a suitable Will.
     
  6. If you are considering tax planning or putting your taxes in order, a Will comes in very useful because, without one, it is unlikely that your assets will be distributed in the most tax efficient way. Inheritance tax is currently levied at 40% on all assets over £325,000. We can advise on how to write a Will to make real tax savings.
     
  7. It would also be useful to have a Will if you own assets which are used for agricultural or business purposes, as there are tax reliefs available. We can offer assistance on maximising the tax benefits of these reliefs.
     
  8. If you are unmarried and do not want all family members to benefit equally, you should draw up a Will, as the rules that apply where there is no Will mean that all equally related family members (e.g. siblings or cousins) will benefit in equal shares.
     
  9. If you have a severely disabled child or a child with severe learning difficulties, you need to write a Will because assets inherited by a child in this situation might disqualify them from state benefits or other forms of help. We can assist you with setting up Will trusts which avoid this very real problem.
     
  10. If you have pets that need to be cared for after your death, you would be wise to write a Will, as it is not always advisable to rely solely on the good nature of friends or relatives, particularly if the pet is elderly and could be a financial burden. We can help you safeguard the future of your pets in your Will.


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Elizabeth Evans
Partner
Bath
01225 340092
07795 175801
Rosalind Oswald
Partner
Swindon
01793 412636
07766 543832