Wills - Do you need a will?
The simple answer is "Yes". Every adult should make a Will
and review it regularly, particularly if your circumstances
change, such as getting married, have children or get divorced.
In fact it is important to note that marriage invalidates any
Will made before marriage.
The main reason you need a will is so that you can decide who
should benefit (the beneficiaries) after your death. If you fail
to make a will you are said to have died intestate. Under this
country's intestacy rules the people to whom you would like to
leave your estate may receive little, or nothing at all, and
others may benefit whom you did not wish to do so
The second reason is to avoid Inheritance Tax. This changes
frequently
and is presently
£325,000 (as of 6 April 2005). You
need to take into account your house,
furniture, car,
savings
and all your personal belongings, plus any death benefits under
pension or life policies. There are some simple things that can
be done during your lifetime and under your
Will, to
reduce or
negate any Inheritance Tax liability.
If you have children then it is possible to appoint
guardians who will be responsible for your children's upbringing if
neither parent is alive, and you can appoint someone you trust
to look after your assets until the children become old enough
to take responsibility for themselves (your trustees).
The cost of making a will with Harkin Lloyd starts from £57.50.
We recommend that you should review your will at least every
five years and after any major life change such as getting
separated, married or divorced, having a child or moving house.
It is best to deal with any major changes by getting a new will
drawn up. But it is also possible to make minor changes (or
'codicils') to your existing will.
