Mugford & Co Wills (Diss) Ltd
Wills

A well planned Will can ensure comfort and financial security for loved ones.

Without a valid Will outdated and confusing laws decide who inherits what and who is excluded, often not what a person wanted.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.

Why You Should make a Will

• Without a Will the people you want to give to may never receive it.
• Without a Will the ultimate recipient of your money may be the government.
• The intestacy laws do not provide at all for partners living together (outside marriage or civil partnerships).
• Who would be the guardians of your children should you and your partner die?
• By Will you can make provision for more complicated situations, such as second families.
• Careful planning can minimise the cost of care.
• Decide between the taxman and your family. Efficient IHT planning can make substantial savings and is a means of maximising the legacy you leave to your loved ones.
• The administration of estates is usually quicker and cheaper when there is a Will.
• By Will you can appoint who you think would be the most appropriate person to be the executor.
• Without a Will none of your money can go to charity or to friends.
• Without a Will you cannot leave specific gifts, such as jewellery or collections.
• If you run your own business, without a Will, who would run it after you have gone? Without powers granted by Will the law greatly restricts how it can be run.
• By Will you can leave precise funeral wishes.

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.