How you and your loved ones can benefit from a Will
A Will is one of the most important documents you will create during your lifetime. That’s why it’s crucial that you write it correctly and with sound professional advice.
At Osborne Morris & Morgan, we can help you plan for the future and make sure that you and your loved ones benefit from the security a Will provides. Whether that be protecting your assets, leaving money for the things you care about, or even looking after your pets when you’re no longer able to, we put the procedure in place so that your wishes are carried out after your death. Here are just a few of the ways a Will can benefit you and your loved ones:
Protecting your assets
We all have wishes and requests for when we die, and a Will is a way to ensure that these wishes are granted. If you pass away without one, it means that your assets might not be distributed according to your wishes. For families, this can cause unnecessary stress during a time of grief.
We accumulate many things over our lifetime, and we want to decide what happens to them once we are no longer here, particularly when it comes to passing them down to family members. Whether it be property, money, or possessions, it’s important to stipulate your wishes in a legally binding Will and why writing your Will is so important.
Our Will writing specialists are extremely knowledgeable on all the processes involved in estate planning and can help write your Will to:
- Ensure your assets go to the people you want them to go to;
- Minimise inheritance tax liability;
- Name executors to organise your affairs when you die;
- Appoint legal guardians for any children;
- Make changes according to your life circumstances, such as marriage or divorce, or the birth of children or grandchildren;
- Ensure personal items are left to the right people;
- Set up Trusts and make gifts to charity.
For help starting your Will, we have created an easy short questionnaire to guide you on what would happen if you, in your specific circumstances would die without a will. Contact our team today if you need help planning and discussing any issues further by calling 01525 378177.
Providing peace of mind
Writing a Will can provide peace of mind not only to yourself but to your family and loved ones. It can also bring a sense of comfort as you finalise what will happen to your assets including your estate, your pension, your insurance policies, and your savings after your passing.
By some estimates, as many as 60% of people do not have a Will. Usually, this means a lengthy process begins after your death to determine who, in your family, holds which assets. This can be a difficult and emotional time for all involved, sometimes causing unnecessary family conflict.
At OM&M, we provide a Peace of Mind package, which offers exactly that. This particular package is designed to help you prepare and complete three important documents:
- A valid Will;
- Lasting Power of Attorney (Property and Financial);
- Lasting Power of Attorney (Health and Welfare).
Our team have designed this package to help both you and your family should unforeseen circumstances arise. It gives you complete protection against any scrutiny, with prices beginning from £350.
Deciding who gets your assets
One of the biggest benefits of writing a professional Will is deciding who receives your assets after your death. David’s family learnt the importance of a professional Will after his assets were passed down to an estranged daughter that he had no contact with for over 20 years. Because his Will was homemade and never witnessed, it became an invalid document, even though it was signed by David himself.
Instead of his home and assets being passed on to his partner, his partner’s son, and a local charity, they were given to someone who had stolen from him in the past. To read more about David’s story, click here.
In a court of law, invalid Wills can often act the same as no Will. Without writing a professional and legal document, your assets could end up with someone you have had no contact with for many years, and your loved ones might miss out.
Leaving money for the things you care about
After you have made provisions for your family, you can also opt to leave money to a charity or organisation of your choosing. Writing a charitable donation into your Will is an excellent way of leaving a legacy behind. In some cases, it can also reduce the amount of tax paid by the remainder of your estate, meaning that your family can receive the most out of the inheritance left to them.
Including gifts or donations to a charity allows you to still support the causes you care about, even after you die. In the UK, these gifts and donations are usually exempt from Inheritance Tax.
Taking care of your pets
When writing a Will, most people tend to protect their home and finances, but what will happen to your pets?
For the purposes of a will your pet will be considered to be your personal property and if there is not a valid will in place then there will not be anyone immediately responsible for your pet. By using the services provided by OM&M, we can ensure that your family pets are protected and cared for in accordance with your wishes, by appointing a nominee often a friend or family member to care for your pet. We can ensure that the appointed nominee is provided with a sum of money to cover future vet bills, insurance, and help towards the cost of caring for your pet. Alternatively to nominating a friend or family member, we can help make arrangements with a pet charity such as RSPCA to care for your pet.
Contact us today
Although some online publications make homemade Will-writing seem straightforward, it is imperative that they legally reflect all of your wishes. It is for this reason that we encourage you to reach out to a professional Will specialist who has the expertise to ensure your will is correct, clear and valid.
For over 40 years, we have assisted people of the Home Counties and throughout the UK. So, if you do not currently have a Will, or you would like to update a Will already in existence, contact us. You can also visit us in person via our Leighton Buzzard office or schedule a Zoom call at a time that best suits you.