Here at Trustmark Law, we believe that everyone should have a Will. If you have created a Will in the past and your circumstances have changed you will need to get your Will updated.
You should have a Will in place for a number of reasons, we will cover the main ones below.
- Allowing total control of what occurs to your assets when you die.
- Guaranteeing your loved ones, close friends and any dependents have the safety and security they deserve.
- Enabling you to contribute to a charitable organisation of your choice.
- You can also choose specific items to be gifted to your friends and family.
What Happens If I Don’t Have A Will?
Without a Will, your possessions will be split according to the Government legislation, which could not match your desires. If you’re married with children, your spouse would not necessarily inherit everything you own and your children could insist on having their share of the inheritance immediately. Rather, your assets may be split between your better half and your kids. If you are not wed, your other half might not obtain any of your possessions.
Managing Inheritance Tax
A carefully drafted Will can reduce the total inheritance tax you have to pay on your estate. Our experts can advise you on your best choices based on your specific circumstances.
Administering Trusts within your Will can easily safeguard your possessions for your children while still providing for your partner throughout their lifetime. You can additionally make use of Trusts to hold assets on behalf of a child up until they reach a specific age or shield a beneficiary from their improvidence. You will be able to make an educated decision that accommodates both your as well as your families needs.
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