Do I need a Will?

An FT Adviser Story last year published the results of a Survey by Foresters Friendly Society and survey firm ICM Direct.

“61% of people surveyed did not have a Will in place”

The benefits

The major benefit of making a Will is that the deceased’s estate is distributed in accordance with their wishes.

If no Will is in place, then the rules of intestacy apply. These rules may not always reflect the deceased’s wishes and may leave the family and dependents in a difficult situation.

If you have minor children, you will need to make a Will, as a Will is the only way to nominate guardians.

A number of people have children from different relationships and very often have step-children, so a Will is particularly important to ensure that an Estate is distributed correctly.

Certain business assets are not liable to Inheritance Tax, and a valid Will can ensure that these assets pass to the appropriate beneficiaries, to reduce the burden of Inheritance Tax.

Existing Wills

“1 in 8 had not reviewed their Will for more than a decade”

It is extremely important to make sure that your Wills are kept up to date and reflect your current circumstances and wishes. A Will is still valid after a divorce, only a marriage will automatically revoke a Will.

Lasting Powers of Attorney (LPAs)

This legal document allows one to appoint someone that they trust as an ‘attorney’ to make decisions on their behalf.

This becomes extremely important if you lose the capacity to make decisions, so they can be made on your behalf.

If you would like more information on Wills or Lasting Powers of Attorney, please call Ward Williams Financial Services in Weybridge  on 01932 830664 for an informal discussion, or to book an appointment with one of our highly qualified financial planners.