The importance of a will
A will is a legally binding document that details how your estate is to be distributed after your death. It can be literally vital to have one in place, firstly to ensure your loved ones are the ones who benefit when you're gone, secondly that it doesn't take an eternity to sort it all out. If you haven't got a will, making one is likely on your to-do list but probably never gets to the top because although 'important' it doesn't feel 'urgent'. Make this the month you do it!
Why make a will?
Making a will is one of the most important steps in ensuring that your assets and loved ones are taken care of after your death.
A will is a legally binding document that details how your estate is to be distributed after your death and confirms who will be responsible for administering it.
A will can help you with the following:
Control over your assets
By having a will, it can give you power to decide who will be responsible for your estate and how it should be distributed. Without a will, your estate would be distributed according to the Statutory Intestacy Rules, which may not align with your wishes.
Care for minor children
If you have minor children, your will can specify guardianship arrangements.
Care for disabled and vulnerable beneficiaries
Your will can make provision for your beneficiaries in a way which can support their long term needs and prevent any means tested funding they are in receipt of from being impacted.
Reduce family conflict
When family members know exactly what you wanted, they’re less likely to argue and when preparing a will, there are steps you can take to try and mitigate any conflict between your family after your death.
Protect your partner
If you're unmarried but in a long-term relationship, your partner would not inherit your assets under the Statutory Intestacy Rules. If you wish for your partner to inherit, you must prepare a will to protect them.
Asset protection
A will can include provision for mixed families and second marriages, such as including a trust which would allow a surviving spouse or partner to have the benefit of assets, whilst ringfencing them for your own family.
Making gifts
A will can allow you to make gifts to people and/or charity/organisations that are important to you.
Dealing with foreign assets
If you own assets abroad, it is important to establish whether these assets can pass in accordance with your will or if they would be subject to the laws of that country. A solicitor will be able to advise you on this whilst helping you prepare your will.
Provision for pets
Pets are often treated as members of the family and it is important to consider what will happen to them in the event of your death. In your will, you can gift your pets to a trusted family member, friend or even a charity and you can also set out wishes for your pet’s care. It is also possible to create a trust for your pet which can hold funds to be applied to your pet for their care and well-being.
Protecting business interests
If you have business interests, it is very important to consider what would happen to your business interest in the event of your death. By having a will, you can control what happens to your business interest after your death to make sure it passes into the hands of the most appropriate person to carry on your business. A professionally drafted will by a solicitor can also ensure any inheritance tax reliefs available on your business interests are maximised.
For inheritance tax planning
By having your will prepared by a solicitor, they will ensure that your will is prepared in the most tax efficient way and they will be able to advise you on your inheritance tax position and on ways of mitigating any inheritance tax.
For these reasons as well as many more, having a will in place can provide you with peace of mind and clarity for those you leave behind.
Article by Rebecca Hatton, Solicitor at Scott Bailey
Why Scott Bailey
As skilled and experienced solicitors, we understand that making a will can sometimes involve difficult topics and questions. We make sure that you are treated with care and understanding, whilst providing you with effective yet understandable advice, to help you and your family plan for the future.
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About Scott Bailey LLP
Founded in 1930, Scott Bailey has grown to become a leading firm in the New Forest, providing a full range of legal services to private individuals and businesses. Services for individuals include Residential Conveyancing, Divorce, Family, Wills Trusts & Probate, Litigation & Disputes.
SME business legal services include Corporate, Commercial, Intellectual Property, Dispute Resolution, Landlord & Tenant, Insolvency and Employment Law. Scott Bailey LLP is one of only a very few firms based in the New Forest providing these specialist services.
The first firm in the region to receive the Law Society's prestigious LEXCEL award for high standards of practice management and customer care, Scott Bailey LLP promises top-quality, professional help from a team of expert solicitors who will put your best interests at the heart of their work.
Scott Bailey was delighted and proud to win "Business of the Year" at the 2023 New Forest Brilliance in Business Awards - read story here.

