Why Do You Need a Will?
Delaying the creation of a Will can result in numerous issues for your loved ones after your passing. Failing to establish a Will could result in a portion or the entirety of your inheritance being distributed to the incorrect individual or the government. However, by drafting a Will, you can determine precisely how your property (Estate) will be handled following your demise. This guarantees that those who desire to receive your assets will do so as per your preferences while preventing potential disagreements among family members. Above all, creating a Will provides peace of mind.
If you would like to learn about what happens to your pension after death, read here.
At Hoxton Capital, our legal team specialise in creating professionally drafted Wills tailored to your circumstances. Ensure your wishes are respected and avoid the pitfalls by talking to our experts today. To read more about creating a Will, Download our guide here.
Without a Will
- There is no guarantee that your intended beneficiaries will receive your assets.
- Your spouse or civil partner is not entitled to inherit your Estate by default.
- Unmarried partners may not be entitled to any of your assets.
- Your minor children may be placed in care until Guardians are appointed.
- Your beneficiaries may face prolonged delays and potential disputes.
- You are unable to prevent certain family members from inheriting your assets.
- You cannot bequeath anything to friends, colleagues, or charities outside the Intestacy Rules.
If you don’t have a Will
For those people who have died Intestate, the government has written a standard Will, which will almost certainly contradict what their wishes would have been.
To my family: I regretfully leave you with several months or even years of financial difficulty and expenses as you go through the unnecessary trouble of sorting out my affairs.
To my Spouse/Partner: I leave you a portion, although not necessarily all, of my assets.
To my Children: I leave you the remainder of my Estate and grant you the power to sell any part of it, including the family home, to claim your inheritance.
To Social Services: If my children become orphans, I appoint you as their guardians and entrust you with the authority to select their caretakers, which may include foster parents.
To the Tax Man: I relinquish all the taxes I could have avoided and instead bequeath them to you instead of my family.
To my Bank and/or Solicitor: I grant you permission to charge any fee you deem necessary to settle the chaos that I have left behind. I understand that this may make you one of the primary beneficiaries of my Estate.
To everyone else: I leave nothing to you!
The absence of a Will can cause problems, heartbreak, financial hardship, and unnecessary expense for your family at the very worst possible time.
Without the appropriate Business Succession strategies:
- Your spouse/partner and children may not be entitled to inherit your portion of a business.
- Business partners may not have the option to purchase the deceased’s share.
- The surviving spouse or children may be required to manage the business.
- The value of the business may decrease due to the lack of experience of the beneficiary.
- The business may need to be sold, and the proceeds may become subject to Inheritance Tax.
How can Hoxton help
Various options are available to create a Will, from DIY Will kits to consulting a solicitor, obtaining a “free” Will from your bank or generating one online. However, each method comes with risks and may not be appropriate for your situation. An incorrectly drafted Will can result in unintended consequences, causing complications for your loved ones after you’re gone. Don’t take chances with the fruits of your entire life’s labour – trust Hoxton Capital’s expertise in crafting a Will that fulfills your current and future needs. Get in touch today. Download our free guide here for more information