Making a Will
Making a Will is extremely important. It is a way for you to ensure that when your time comes, your loved ones know exactly what they need to do. Without one, there is no formal record of your wishes, which can cause problems. If you have children, then it is even more crucial to make a will.
If you have a large estate, then a Will can help reduce the amount of inheritance tax that is payable.
It is wise to instruct a legally qualified law firm to help you make a Will, as they are regulated by the Law Society. There are many companies advertising Will making services, that don’t have the expertise to offer a full and holistic service, so this is something to be cautious of.
Some other benefits of making a Will with a law firm are:
It can provide clarity so there is no animosity between family left fighting over your estate / belongings.
You have peace of mind that any mistakes made by a law firm are covered, as they are an insured entity.
Lawyers can act as executors to remove burden from your loved ones after a bereavement.
Lawyers have the expertise to protect your estate, for example with insurance issues, tenants, squatters - this can remove these worries from your family.
Lawyers can act on complex matters that involve disability, vulnerability or regarding guardianship of children.
Lawyers will prepare your estate in a way as to minimise the possibility of a claim against it.
A lawyer is best placed to offer you tax advice, and in particular to avoid any inheritance tax, trusts tax, capital gains tax, stamp duty tax, land tax and so on.
