Rachel Ison, a Solicitor in Pearcelegal's Private Client department explains why making a Will should be one of your New Year's Resolutions.
We all like to make New Year Resolutions whether they be saving money, getting fit or losing some Christmas weight although, let’s face it, most of these promises don’t last longer than a few weeks!
One promise you can keep that is inexpensive and will last a lot longer than a fad diet is to make a Will. Everyone should have one but it’s just something we never get around to doing, so make it one of your resolutions for 2020.
Why do I need to make a Will?
Staggeringly, a 2018 Which survey showed that 54% of UK adults still don’t have a Will. Making a Will is the only way to ensure that your wishes are followed regarding funeral plans, what happens to your money and property and who has guardianship of your children if they are under 18 when you die. You can choose who you would like to inherit your money and assets and make specific bequests and donations to family members or charities.
What happens to my money if I don’t make a Will?
If you die without making a Will you are deemed to have died intestate. Your money and property would be divided up under the Rules of Intestacy whereby family members who would benefit are put in a strict order. This means that your estate could be distributed in a way that you would not have chosen. There may also be tax implications that could have been avoided through a considered and properly drafted Will.
To arrange an initial appointment with Rachel, please contact her on 0121 347 6214 or email her at [email protected].
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