24 Oct Making a Will to bring yourself peace of mind
Buying a property? There is so much to think about. It is likely to be the most expensive thing you own so it is only natural to have a lot to think about. There is the money saving, the house hunting, the mortgage application, the conveyancing process, the removals and only then do you eventually get to enjoy your new home. The chances are you may have overlooked one of the most important matters of all, making a will.
By making a will you are able to ensure those people who you want to inherit do so, your spouse, your children, your step children or whoever they may be. In a will you can make specific gifts of sums of money or personal possessions to friends, family or charities or even give a right for beneficiaries to able to occupy your property to give them a roof over their heads. If you were to die without a will, it is the statutory intestacy provisions (the law) that dictate how your wealth, property and belongings will be distributed, to who and in what proportions. These statutory beneficiaries may not be the right people.
A will allows you to appoint executors of your choice. This ensures you appoint the people you want to be in charge of dealing with your affairs on your death. Your executors will be responsible for administrating your estate and dividing your assets in accordance with your will. For those with young children, a will also allows you to appoint guardians of your choice to look after your children, business owners can deal with the business, pet owners can make sure plans are in place for their animals. You may have specific funeral arrangements you would like to make known. Inheritance tax or care home fees may be an issue for you and you may like advice on how to mitigate against these liabilities in the future, in many circumstances a will can help with this.
Lastly and not to be underestimated, completing a will can be a very cathartic exercise and can give you peace of mind that you have put everything in place for when the time comes.
If you would like to make a will or update your existing will, please contact Duncan Weir for further information call us now on 01747 852377. Duncan Weir is a Partner and Private Client Solicitor at Rutters Solicitors who have offices in Shaftesbury and Gillingham. To find out more about our Wills team click here
This article was first published in the Gillingham and Shaftesbury News in May 2019.