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Making a Will

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Why do I need to make a Will?

If you die without making a Will, the law takes over and says how your assets will be divided. In particular:

  • Your spouse may not receive everything - other family members will also have an entitlement
  • Your partner will not receive anything - "common law spouses" have no rights
  • Anything left to your children will be received by them at 18 - are you worried this is too young?  Do you want to be able to decide who will look after their money for them until they reach 18?
  • If you are single with no children your parents would receive all your assets

By making a Will you can be certain your assets will pass as you want.

 

Making a Will – Tax Issues

Most people are worth more dead than alive. Think about the value of your home and insurances, not to mention pension and work death benefits - it all adds up.

Tax can often be avoided or reduced by carefully making a Will - so don’t give the taxman more than he is due.

 

Do I need a solicitor to make a Will? 

Technically not, but what you write in your Will may have a different legal effect to what you meant when you wrote it.

A solicitor has the expertise to make sure your Will says exactly what you want it to. Remember, solicitors generally earn more fees from solving the problems created by home-made Wills than they do from making them in the first place.

 

What will making a Will cost?

A simple Will may be cheaper than you thought. Whatever the cost, you can't afford to get it wrong - it won’t matter to you, but your beneficiaries may suffer.

It is important to realise that your circumstances change and so does the law, so always keep your Will reviewed. We would be happy to take a look at your current Will and make sure it is right for you now.

If you are going to make a Will, you should consider the following points:

  • Your personal and partner's details
  • Executors
  • Funeral wishes
  • Guardians
  • Gifts of your possessions
  • Cash gifts
  • Residuary gifts

 

More Will Making Information

Call BHP Law Wills, Trusts and Probate solicitors today for a free no obligation chat about Will making services on 0800 590 019 or fill in the online enquiry form and one of our team will contact you from your local office in either Newcastle, Durham, Darlington, Tynemouth or Stockton in Teesside.

Alternatively you can give us some basic detail and receive a quote via email or telephone here.

 

Find out more

Karen Pratt Partner
Money Advice? Are you worried about planning for the future?
We can introduce you to IFA's to give you access to free and impartial advice. IFA Advice
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