Talking about your affairs after you have passed away is not an easy topic, and a large number of people assume that the law automatically follows your wishes. However, this isn’t always the case.
A Will can be a useful document to ensure that your estate is left to those who you wish to benefit after you have passed away. Recent studies show that only a third of adults have a Will in place which confirms their wishes.
In her first article for the firm, Wills & Tax Executive Rhiannon Stevinson outlines what a Will is, why you need one and what happens if you don’t have one in place when you die.
What is a Will?
A Will is a legal document which sets out what is to happen to your estate and assets after you pass away.
Typically, a Will includes named individuals who will inherit your money, property and possessions.
Do I need a Will?
Although having a Will is not a necessity, we highly recommend having one in place.
In your Will you can confirm who is able to complete the administration of your affairs after you have passed away (collecting the assets, paying any debts and ensuring the tax is accounted for) and who your estate passes to.
A Will can also be used to appoint a legal guardian who would look after any children under the age of 18 that you may have when you die.
A well drafted Will can also maximise the potential tax reliefs available after you pass away.
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