Why do I need a Will ?

Do you need to make a will?

The answer in the vast majority of cases is YES

What you should ask is 'What happens if I die without a will?' The word 'intestacy' sounds awful. It is what happens if you die without having made a will. It is best avoided. It has terrible consequences.

There are certain 'conditions' which suggest that it is particularly advisable to make a will. Among the usual ones are:

• You have young children or dependants (Married)
• You have your own business
• You are living with someone, but are not married to them.
• You have married a second time
• You are divorced or have split up from your spouse.
• You want to leave specific gifts to someone.
• You want to benefit a charity.
• Your assets on death including benefits under life policies etc. exceed £200,000

If any of these applies, then you should normally make a will. There are other circumstances which also suggest the need for a will.

It always, costs us more to advise you and to prepare the will than we charge to you. Allied Will Services is proud to be part of the Allied Group and happy to help our clients to complete this essential part of their financial planning.

Also:

• If you die without a will, there are certain rules which dictate how the money, property or possessions should be allocated. This may not be the way that you would have wished your money and possessions to be distributed
• Unmarried partners and partners who have not registered a civil partnership cannot inherit from each other unless there is a will, so the death of one partner may create serious financial problems for the remaining partner
• It may be possible to reduce the amount of tax payable on the inheritance if advice is taken in advance and a will is made
• If your circumstances have changed, it is important that you make a will to ensure that your money and possessions are distributed according to your wishes. For example, if you have separated and your ex-partner now lives with someone else, you may want to change your will. If you are married or enter into a registered civil partnership, this will make any previous will you have made invalid.

What if I am married – Do I still need a will?

• YES – PLEASE SEE BELOW.
• If you have children, you will need to make a will so that arrangements for the children can be made if either one or both parents die
• If you are married, it is extremely important to safeguard the future of your spouse and children. Even if you are married, if someone contests your will this will create huge delays and may mean your estate is not settled as you wish. An example could be that a relative makes a claim that the money from the estate was promised to them and they decide to challenge the grant of probate. This is becoming more common. This can be very costly and will cost you a fortune to fight for the right for this money. These cases can drag on for up to 4/5 years and can cost up to £100,000 in legal fees. If your wishes are in a will, no disputes can be given. There are no excuses to not safeguard your family, in life and in death. Take care of your loved ones today – call Allied Will Services.

Allied Will Services is a recognised member of the Society of Will Writers