Wills Week: Why should I have a Will?

In today’s video Umar speaks about the importance of having a will.

In a Will, not only can you leave your estate to the beneficiaries of your choice, you can also leave legacies which are fixed sums of money to specified beneficiaries.

You can appoint guardians for your minor children in the unfortunate situation that there be nobody at your death with parental responsibility.

You can leave specific possessions such as jewellery or any other items to specific people. We have had clients wanting to leave everything from furniture to a book to people of their choice.

Our team of qualified, experienced, solicitors may even suggest that, in your particular circumstances, you set up a Discretionary or Life Interest Trust in your Will to safeguard your assets. For example, to reduce your inheritance tax bill if you are an unmarried couple or to ringfence your assets from being used to pay for your care in the future.

You can also set up a Vulnerable Person’s Trust in your Will, provided certain provisions are met, for a vulnerable beneficiary who is unable to manage their own finances. Using such a trust has tax advantages over other kinds of trust to make sure that your loved one is taken care of after you die in the most financially sensible way.

Lastly, you can include your funeral wishes in your Will to make your executors aware of how you wish them to take care of your body after you die.