The Importance of making a Will

At least six out of every ten people in the UK fail to make a Will, as if the very planning of it will some how invite or hasten one’s death! However, the chaos and the disappointment, not to mention the problems of Inheritance Tax, leave behind a very real trauma which can only increase that of the bereavement itself for many families. For some reason people think that their husband or wife will inherit everything – which is not going to happen in the majority of cases. A substantial part of one’s estate would be tied up in expensive and inconvenient Statutory Trusts. Common Law husbands & wives will get nothing; unless they sue for it and win (this can be at vast expense and delay to administering the estate).You will not even have a hand in deciding who will look after your children after your death, potentially leaving that responsibility to Social Services and the Courts. Even the very practical issue as to whether you would prefer to be buried or cremated can be a very distressing question for close family members to address if you have not left instructions in your Will.

Without an appropriate Will, surviving relatives could face an unnecessary 40% Inheritance Tax bill. For example, if your estate is worth more than the current Inheritance Tax exemption for a single person, this is £325,000 (Tax year 2009/2010)  for married couples and civil partners this is a combined maximum of £650,000 (Tax year 2009/2010) your beneficiaries could be liable to pay Inheritance Tax on the value of your assets above this current threshold limit. You will need specific advice on this when preparing your Will.

If you do not have a Will any one of your relatives, in-laws or even ex-spouses could have a potential claim on your estate. If not married making a Will ensures your assets go to your current partner or anyone else you wish to leave them to. If you do not have immediate family then the estate can be divided up between relatives, friends, charities or anyone you wish.

In today’s society, changes in a family’s dynamics are frequent and quite common place. For example if either you or close members of your family enjoy the birth of children, get married or divorced this should alert you of the need to make Will or amend an existing one. A Will needs to reflect your current wishes and these may change significantly in such situations.

All parents should be aware that by making a Will they can appoint Guardians to look after their children in the event of their death whilst their children are minors and still dependent upon them. Failure to do so can often lead to conflict within a family and uncertainty for the children, which can only heighten and increase the distress that they will experience at the loss of their parent.

If you have already made a Will then you must review that Will from time to time as Tax Law, and family circumstances to change. While some financial instructions such as banks to offer Will writing services, they do insist on being named as Executors in your Will. Upon your death they will then receive a commission, payable by your estate, thus reducing the amount that you leave. You can appoint individuals to act as Executors and advice can be given but the choice will be wholly yours.

Finally, remember that a Will that cannot be found is almost certain to fail. Many are regrettably destroyed after death by people who discover them but do not like the contents! It is therefore important to keep a copy of your Will safe and secure and to inform those acting as Executors not only to its existence but where the original Will can be found.  

If these or any other issues relating to family breakdown are problems for you please contact us on 01423 858582 or This e-mail address is being protected from spam bots, you need JavaScript enabled to view it