The case for making and reviewing your will

The traumatic events of the last year should be enough to convince everyone of the wisdom of making or updating a will.  

More than half of the UK adult population have not prepared wills. The reasons for making a will include 

  • Practical; it is easier for your estate to be administered if you have a will.  
  • Emotional; it can cause difficulties for loved ones if you have no will, not to mention the potential for family members to fall out.
  • Financial; there may be opportunities when drafting your will to ensure that any inheritance tax on your estate is minimised. The legal costs of administering the estate may be increased if you have no will. 
  • Often, considering one’s will highlights actions that may be required to be taken in one’s lifetime
  • Peace of mind; knowing that you made a will which reflects your wishes.
  • Life events; if you already have a will, does this need to be updated to deal with life events such as the death of a spouse, remarriage, the birth of a child or grandchild?

If you die without making a valid will your estate may not be dealt with in the way that you would wish as the intestacy rules would apply.

It is particularly important to make a will in the case of second marriages where there are children from the first marriage.

We can assist with inheritance tax planning, including setting up family trusts, and work closely with solicitors to help you draw up a will that meets your needs.

  • To read this feature in full and access further Lancashire business news, advice and analysis subscribe to Lancashire Business View magazine or join the LBV Hub from just £2.50 per month. Click here to subscribe now.