Why Should You Write A Will?
Writing a Will is the responsible thing to do – it protects your assets, provides for your loved ones and ensures your wishes are carried out after your death.
The main areas to consider when drafting or amending your Will –
- Guardianship for children under 18
A Will gives you the opportunity to appoint a guardian who will take care of your children. You can ask the nominated person(s) before the Will is drafted, this ensures that someone you trust and knows your child/children well, will look after them should you die.
- Choosing an Executor
You appoint an executor to carry out your wishes and handle the legal and financial side of your estate.
- Distribution of Assets
A Will allows you to decide how you want your assets – your property and possessions – to be distributed after your death.
- Avoiding Intestacy Laws
If you pass away without having made a Will (intestate), the laws which govern intestacy will state how your estate is are distributed. These laws may not be in line with your plans and can cause complications amongst family.
- Reduce Family Disputes
By laying out your wishes in your Will, you are aiming to avoid potential conflicts and disagreements within your family. Providing peace of mind for you and your loved ones.
- Charitable Contributions
If a charity holds a special place in your heart, putting a provision into your Will ensures that the charity will receive the donation you requested.
- Tax Planning
You can ensure that you utilise strategies to minimise the tax liability on your estate including taxing exemptions and deductions.
- Business Succession Planning
A Will can outline your wishes for your business in the future, ensuring the business continues and that there is a smooth transition and continuity for the staff.
- Peace of Mind
Putting your plans and wishes into your Will can give you peace of mind, knowing that your loved ones are cared for and your wishes will be followed as you intended.
To sum up…
Writing and keeping your Will up to date is essential as part of estate planning ensuring that life changes are reflected including marriage, birth of children, death of a spouse or changes in your financial position will all need to be taken into consideration. Consulting a solicitor will help to ensure that your Will is legally valid and covers your specific needs and concerns.
Who are Hall Reynolds?
The team at Hall Reynolds are experienced and committed to providing first-class legal services. Our clients come back to us time and time again because of the pragmatic advice and the service they know they will receive which is delivered in a friendly and approachable manner.
We offer a traditional face-to-face service, a contemporary work ethos and modern operating systems which enable the swift progression of your transaction.
Value for money, speed and efficiency are at the heart of everything we do. Where possible, we minimise the legal jargon. We promise to keep you updated as to the progress of the transaction and we are transparent when it comes to fees.
To find out more about our community involvement or our legal services, contact the team to make an appointment – email@hallreynolds.co.uk or call us on 01789 772955.
