Is it too soon for me to make a Will?
Across the UK around 54% of adults do not have a Will and the likelihood is many of these adults may believe it is too soon for them to think about drafting a Will, particularly if they are not married or are without children. Here are some reasons why we think it's never too early to start thinking about making a Will:
1. Be Prepared - The future is uncertain: We often hear people saying that they don't want to tempt fate by putting a Will in place, however, as Covid-19 has demonstrated, the future is uncertain and it is always better to be prepared.
2. Make it easier for your friends and family: Without a Will, dealing with an estate can be a long and stressful process for grieving families. By making a Will that clearly lays out your wishes, you can make this process a smoother one for all those you wish to benefit.
3. Avoid the rules of intestacy: Legislation sets out the strict order in which people can benefit from an estate where there is no Will. If you are in a relationship but not married/civil partners, your significant other will not be entitled to anything and may have to look at making a claim against your estate for benefit. Even if you are married, your spouse/civil partner will only receive all of your estate if you have no children. By putting in place a Will you can ensure that everyone you wish to inherit from your estate does so.
4. Reduce the amount of inheritance tax you'll pay: Depending on the value of your estate, creating a tax-efficient Will can dramatically reduce the amount of Inheritance Tax you'll have to pay and seeking professional advice early offers you the chance to consider lifetime options to minimise or eradicate an Inheritance Tax liability
5. Make a gift or donate money to charity: You may have a charity that is close to your heart that you'd like to leave a gift to but to ensure this happens you need to putt a Will.
6. Protect your partner if you're not married: As mentioned above, an unmarried partner will not be entitled to your estate under the rules of intestacy. A Will can allow you provide for them and protect them following your death. This is particularly important if you own a house together.
If you would like advice on putting a Will in place, updating a very old one or general tax advice, please contact our Private Client department on 01245 228125 or email PrivateClientEnq@gepp.co.uk and one of the team will be happy to assist you.
This is not legal advice; it is intended to provide information of general interest about current legal issues.