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Why is it important to make a Will?

16/11/2022 by Hathaways The Law Firm

New research from Macmillian Cancer Support reveals that nearly 2 in 3 UK residents (63%) do not have a Will in place.  This figure includes a staggering 42% of over 55 year olds.

A Will is a legal document that sets out how you wish your property, belongings, savings, investments and other assets to be distributed on your death.  It will also put in place arrangements such as who you would like to deal with your affairs once you have passed on, your wishes for your funeral and who you would like to look after your children should anything happen to you.

It is important to make a Will because:

*If you die without a Will, there are rules which determine how money, property or possessions will be allocated and this may not align with how you would have wanted these assets to be distributed.

*Partners who are not married or have not registered a civil partnership cannot inherit from each other unless a Will is in place under the law of intestacy

*You will need to make a Will so that arrangements for children can be made if either or both parents die.

*It may be possible to reduce the amount of tax payable on the inheritance if advice it taken in advance and a Will is made.

It is important that Wills are reviewed from time to time, in particular if you have moved home, got married, separated or divorced or have had children to ensure that your money and possessions are distributed according to your wishes. In some cases, a previous Will may become invalid without you realising. In fact, Macmillian’s research discovered that 1.5 million people in the UK had unknowingly made their Will void by getting married as marriage automatically revokes a previous Will making it invalid.

Regardless of your age, having an up-to-date Will in place will ease stress for loved ones when dealing with affairs at a difficult and emotional time.

If you would like to find out more about making a Will, the Wills and Probate team at Hathaways The Law Firm can offer specialist advice.  Please contact us on 0191 477 2288 or email enquiries@hathawayslaw.co.uk.

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