Philip Anthony Associates Limited - Professional
Will Writing and Estate Planning Practitioners
Frequently
Asked Questions
Putting you in the picture
Many people assume that if they die without having made a Will (known as dying “intestate”) their assets and possessions (known as their “estate”) will be passed to their spouse or nearest living relative.
This is not always the case. A Will is a legal document which ensures any money, property or possessions left behind are inherited by the people YOU choose.
Even a small estate can be quite complex if a you do not make a Will. If you own a property or have investments, pensions or insurance policies, then a Will is essential to ensure that the proceeds of these are given to the people you would like to benefit from them. Equally you may wish to leave certain possessions to particular people, items of jewellery for example, or valuable pieces of furniture, or simply an item of sentimental value that has been in your family for generations.
A Will allows you to document exactly what you wish to leave to whom in a way that is legally binding. Correctly written, a Will also allows you to minimise the tax payable by your beneficiaries on the value of their inheritance.
CHILDREN
If you have children under the age of eighteen it is imperative that you make a Will that specifies who you would like to look after your children in the event of your death. If you do not do this, the courts will appoint legal guardians and it is possible for your children to be taken into the care of the local authority.
THE FAMILY WILL
When making a Will, many people are providing for their children and grandchildren. A “family Will” includes a number of features that will help them and those in charge of trust funds established for them.