A well planned Will can ensure comfort and financial security for loved
Without a valid Will outdated and confusing laws decide who inherits what and who is excluded, often not what a person wanted.
Where someone dies leaving a spouse and children, he may mistakenly believe that his spouse would inherit everything automatically. Not having a Will can have unexpected consequences and leave problems rather than a legacy for loved ones.
Failure to make a well planned Will can leave exposure to cost of care and an unnecessarily large tax bill and leave a legacy of family discord.
For many people straightforward Wills are sufficient for their purposes. Sometimes life is not so simple. Spouses or partners may wish to limit their potential liability to the cost of care. A trust may be suitable for them. A second marriage with children from previous relationships might be where a life interest ensures provision for the surviving spouse but also ensures the children do ultimately inherit what was expected. Disabled beneficiaries may benefit from a specific form of trust. Children with potential divorce, debt or bankruptcy? Or children from more than one relationship with widely differing ages and needs, eg. some still at school and others established in good careers. Discretionary trusts may be the answer.
You should review your Will every 5 years or on a change in circumstances, such as marriage, civil partnership, divorce, second families or inheritance.
Please contact Richard Mugford for further information.