Why do I need a Will?
At Thames Financial Planning we find the vast majority of people put off making a Will for a variety of reasons, either believing that the people they would wish to inherit will automatically do so, or because they don’t think it is relevant to them at this particular time.
The reality is that you can put off making a Will until it is too late and this poses all sorts of problems for the people left behind and could mean that some, or all of your inheritance, either goes to the wrong person or to the state.
Everyone needs to make a Will. In particular, anyone with dependant relatives must do so. Anyone who owns a property, or has any type of asset which you would wish relatives, friends or charities to benefit from should also make a Will.
Firstly and most importantly is the peace of mind making a Will provides. Making a Will enables you to plan exactly what will happen to your property (estate) following your demise. This ensures that those you would like to benefit actually do so, in accordance with your wishes and at the same time avoiding any possible disputes between relatives.
Some useful information below in PDF’s
Without a Will…
You cannot be sure those you would wish to benefit will actually do so.
Your spouse / civil partner will not automatically inherit ALL of your estate.
“Common Law” partners may not receive anything.
Minor children could be taken into care whilst Guardians are appointed.
There could be lengthy delays for your beneficiaries and disputes.
But won’t everything go to my husband /wife /civil partner/ parents / children etc automatically?
This is a common misconception and dependant on the size of your estate, there are set rules which will be applied to determine who inherits and how much if you do not make a Will.
This is called having died Intestate. There are specific rules of intestacy which set out who will inherit and by how much if you do not leave a valid will, this may not be what you would have wished and in the worst case scenarios where relatives cannot be traced, your assets will be taken by the Crown.
At Thames Financial Planning we are happy to help you with your will writing, estate planning and asset protection.