The answer... No* - Everyone should make a Will.
People often think they do not have assets of significant value, but there are a number of reasons why making a Will is important to the younger generation as well as the older generation.
(*You must be over 18 years of age and have mental capacity to make a Will)
Here are just a few reasons, why everyone should make a Will:
Own Your Own Home?
Many may think that they don't have an estate to be dealt with and no assets of significant value - but if you stopped and looked at your estate you may be surprised that in fact you probably do have a significant amount, especially if you own your own home. Have you recently valued your home or looked at what other properties in the area have recently sold for? Deduct your mortgage and you may own more than you think.
Did the 'bank of Mum and Dad' help purchase your home?
Such help may not be documented, if so, we would advise that such loan is documented by way of a legal instrument to create certainty. However, if this is not done a well drafted Will can ensure that they are paid back from your estate.
If you are not married and want your partner to receive your estate, it is crucial a Will is made as the law of intestacy does not take into account how long you have been together, nor, does it take into account if you have children together.
Do you have Children?
You may have young children, if so a Will is paramount to cover issues of guardianship and maintenance. At such an emotional time, the last thing that your children and family need, is uncertainty as to where your children may live. By making a Will you will have the peace of mind to know that any disputes over guardianship will be avoided and overall it will be alot easier for your children and family.
Do you have Children from a previous relationship?
It is important that a Will is made to ensure that your estate passes to your chosen beneficiaries. If you re-marry and do not make a Will the law of intestacy dictates who receives your estate and in what proportion - depending on the size of your estate, this may not include your children at all.
Do you have Step-Children?
If you have not made a Will but wish to benefit your step-children they would not receive anything under the law of intestacy as they are not included in the definition of 'issue'.
Why Use Sutton & Co Solicitors?
- Fixed Fee Price Promise
- Estate Planning Advice provided
- Free Will Storage for Life
- Quick Turn around time on Wills
- Your work will be carried out by a Solicitor who is a Full Member of the Society of Trusts and Estates Practitioner (STEP)
- Your work will be carried out by a Full Accredited Member of the Solicitors for the Elderly (SFE)
- We are an accredited member of the Law Society’s Wills and Inheritance Quality Scheme (WIQS)
- We are an accredited member of Lexcel - the Law Society's legal practice quality mark for demonstrating excellence in legal practice management and client care
Mrs Harpreet Talwar is Head of the Private Client Department and is the Full Member of STEP and Full Accredited Member of SFE