|
 Why
Should I Make A Will?
| Ten
Good Reasons For Making A Will. |
| |
| 1) |
Making
a Will is the only way you can ensure that after death your
estate will be dealt with in accordance to your wishes. |
| 2)
|
Executors
and Trustees of choice can be appointed to deal with the administration
of your estate. Where there is no Will, strict rules impose
the appointments of Administration and your estate may be wound
up by someone who you do not trust. |
| 3)
|
A
Will speaks from the moment of death enabling an Executor to
take certain immediate steps to reduce delay and distress. |
| 4)
|
Guardian
of any choice may be appointed to ensure that the care of minor
children passes to a chosen individual. |
| 5) |
Provisions
can be made for the financial support of under-age children
with funds managed by a chosen individual. |
| 6)
|
Particular
relatives and friends may be included (or excluded) and favourite
organisations, such as charities, can benefit. |
| 7)
|
Specific
provisions can be included to deal with particular assets such
as businesses or agricultural property. |
| 8)
|
Provisions
can be included to mitigate a potential Inheritance Tax Liability. |
| 9)
|
An
earlier Will can be revoked. |
| 10)
|
By
making a Will a person creates their own historic treatment
which is kept as a record for future generations. |
THE
COMMUNITY CARE ACT (1990)
Under this Act, if the remaining partner who is a homeowner goes
into care the family home can be under a real threat.
YOUNG
CHILDREN
Without a Will a court will decide who should bring up your children.
This could mean them being taken into care!
DISABLED
CHILDREN
Have you made provisions for them?
UNMARRIED
COUPLES
Most people believe that their partner will inherit everything.
This is not the case. If you die without writing a Will your partner
could be left with nothing. Even if you have lived together for
many years, and even if you have children together, it makes no
difference.
MARRIED
COUPLES
Your spouse may inherit only half of your estate. If you have no
children your spouse may have to share your estate with his/her
parents.
SEPARATED
AND NO WILL
Your ex-husband or wife will directly inherit part of your property
and have continuing rights in part of the rest.
YOUR
CHILDREN'S INHERITANCE
The inheritance you think you have left your children could easily
pass to another family.
MENTAL
ILLNESS
Who would manage your affairs if you were unable to because of mental
illness? By setting up an Enduring Power of Attorney you could save
your family both financial and emotional hardship.
Who would manage your affairs if you were unable to because of mental
illness? By setting up an
Continuingof Attorney you
could save your family both financial and emotional hardship.
INHERITANCE
TAX
Due to the increase in property values many people are unaware that
their assets have grown over the years to such a level that Inheritance
Tax would be due when they die.
|
