Have you got a will?

localhero

11 Reasons to make a Will

1) To avoid dying intestate (without a Will) and allowing your possessions to be distributed according to the laws of intestacy. Many people assume that their spouse will inherit everything - but that is not necessarily the case. It is possible that your children or other relatives could enforce the sale of the family home to realise their inheritance.

2) To provide certainty. Making a Will allows you to decide who, when and how much your beneficiaries receive. You may also want to leave something to a friend, colleague or charity.

3) To prevent unnecessary expense and delays. Administering an estate with a Grant of Probate where there is a Will, is far quicker and cheaper than without. Why give banks and solicitors money that may be needed by your loved ones?

4) To minimise inheritance tax. Are you happy to give the taxman 40% of everything you own, including your home, over £300,000? Each year the taxman collects over £3billion and that figure is rising. This liability can be minimised or eliminated altogether with a carefully written Will.

5) To prevent your home being sold to pay for nursing home fees. 1 in 4 women and 1 in 6 men are likely to require long term care in old age and at least 70,000 homes a year are sold to meet these costs. And as above, with careful planning these costs can be minimised.

6) To appoint guardians of your choice to look after your children if you should die before they reach 18. If you don’t, the local authority will appoint someone that you may not have chosen, such as foster parents.

7) To appoint executors. Administering an estate is a position of responsibility, and it is important the task is carried out by someone you trust. If you don’t appoint executors yourself they will be chosen according to fixed rules and they may not be the people most suitable to act. This will also result in unnecessary costs and delays.

8) If you are unmarried, your partner is not entitled to any of your estate unless you make a Will. This is regardless of how long you have been together.

9) To prevent disputes.

10) To prevent certain member of your family benefiting. This can only be done through a Will.

11) If you don’t have close family, then the state will inherit your estate.

Gorgeous_George

No

Hi all

***bump***

The poll ends in just over an hour or so. A great response so far - thank you.

Please vote as the more votes the poll receives, the more representative of MSEers it will be.

GG

Jennifer_Jane

Yes

I had my will done free as a service offered via my union (Amicus), although they are not the executor. So that was a quick and easy thing to accomplish, and helps offset the monthly £9 odd I pay for their representation.

I think a solicitor charges about £70 or so for it to be done. (Good tip earlier about not getting the solicitor to be the executor).

Jen

Gorgeous_George

No

Hi

Thanks for voting everybody.

It seems that MSEers are better than the general population when it comes to having a Will in place. Apparently 70% of people in the UK do not have a Will.

This can be devastating for those left behind.

If you do not have a Will, please put a date in your diary to put this right. I'll be making mine in September.



GG

olly300

No

Spendless wrote: »

This is where our problem lies. We cannot think of anyone suitable to look after our children in the event of anything happening to us. So we put off making a will. I don't know what to do about it.

Make a will then when you decide on someone to look after your children, change it.

Gorgeous_George

No

Isn't that what Godparents are for?

Don't you dislike anybody enough to ask them?



GG

seven-day-weekend

Yes

Gorgeous Georege, did you make your will in September like you said you would in post 45???

Icey77

Gorgeous_George wrote: »

Isn't that what Godparents are for?

Don't you dislike anybody enough to ask them?



GG

:rotfl: Nice.