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Top 5 tips On / Reasons For Making a Will

Top 5 tips On / Reasons For Making a Will:

 1.     The most important point is that you can leave your estate to a person or persons of your choice – the intestacy rules specifically set out who will inherit in the event of you dying without a valid Will and those persons may not be in fact people who you would ordinarily choose to inherit.

2.     If there is a change in family circumstances (such as a divorce or bereavement or a member of the family being diagnosed with a serious illness) then consideration ought to be given as to whether the Will needs to be amended to take these changes in family circumstances into account.

3.     Changes in Financial Circumstances – if your estate suddenly increased substantially in value or is reduced in value or if you want to take into account loans which have been made or gifts which have been made to one beneficiary then this can all be reflected in amendments to your Will.

4.     It is possible to shelter/protect assets from various situations by creating Trusts in Wills and we can advise further on that point.

5.     If a beneficiary is vulnerable or incapacitated or is under the age of 18 then a Will can provide a way to leave money to those people to manage by persons of your choice until that or those beneficiaries are able to benefit directly.

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