With You We Will…
We all know that making a will is wise advice – but why, exactly?
Without a will:
- There are rules which govern how your money, property or possessions should be allocated and they may go against the way you would have wished matters to be settled.
- Unmarried partners or those who haven’t registered a civil partnership can’t inherit from each other so the death of one partner could create a serious financial crisis and emotional battering for the other.
- Children of single parents would go to live with their next of kin – who may not be the guardian you would have chosen.
However with a will in place:
- You dictate how and where your assets should be distributed.
- Children will benefit from detailed arrangements.
- It may be possible to reduce tax payable on inheritance if advance advice is taken.
- If circumstances have changed your money and possessions are distributed accordingly with an up-to-date will
Family situations are increasingly complicated and adapting the legal provision to apply in a way that truly reflects your situation is something that we considers to be of paramount significance.
It’s essential that single parents have a will because, while they may feel their assets are minimal, it’s vital they legally appoint a guardian for their child or children’s’ best interests to be acknowledged. Prestige Tax and Trust Services the importance by offering special rates for single parents.
Complications can also arise where step-parents are involved, because assets on death will not follow an obvious distribution. By using trusts in your will it’s also possible to have a group of beneficiaries, which fluctuates in size, including grandchildren, for example. This flexibility gives a solution to the most complicated of social structures.
Dying without a will (called Intestacy) or even worse, with an out-of-date will can cause horrible difficulties for those left behind. So, if you are a home owner and/or you run a business, it is madness that you have not yet made your will especially as it costs so little yet gives you so much protection in the future and saves you thousands in the long run.