Recent statistics show that, shockingly, over 60% of adults in the UK do not currently have a Will.
This is a very worrying figure, considering the problems that can potentially arise on death.
Life is full of uncertainty and we can never tell what is around the corner. In the unfortunate event that you should die unexpectedly, a Will is a must have document if you want any of your wishes to be legally followed.
Dying without a will (dying ‘intestate’) means that Government defined rules determine where your money goes, which can leave a huge amount of pressure on family members left to deal with your estate. You also run the risk of leaving your family in financial hardship and your estate may not be passed to who you would have wished. Having no Will can also create problems for any minor children as they may not be looked after by who you would want.
Most people are also unaware that getting married revokes a Will and a new will is required, unless made in contemplation of marriage. Second and third marriages are much more common than they once were and co-habiting as an unmarried couple is also on the rise. Many couples in this situation do not know that unmarried couples are not entitled to their partners assets unless they have a Will setting out their entitlement.
Instructing a solicitor to assist you to prepare a Will not only provides certainty after your death but it will also give you the opportunity to benefit from tax planning advice, for example ensuring that you are able to minimise your inheritance tax payment when the time comes.
Gepp Solicitors has a large team of experienced solicitors that can help you ensure that your wishes are followed and that your assets are structured in the most tax efficient way while still achieving your objectives. Please contact the Private Client team on 01245 228127 if you have any queries or wish to book an appointment.
This is not legal advice; it is intended to provide information of general interest about current legal issues.