Clarke Willmott’s Matthew Parr appeared on BBC WM Radio yesterday to talk about making a Will following the publication of research showing that most people would rather go on holiday, buy a sofa or carry out home improvements than make a Will.
So why should you swap the new sofa or a week in the sun for a Will? Put simply, because a Will is arguably the most important financial document that you will ever sign. No other document deals with all your assets and ensures that they go where you want when you’re no longer around to enjoy them. If you have a family then you take steps every day to make sure they are cared for, whether that’s making sure younger children get to school or ensuring that teenagers do their homework. If you want to ensure that that care outlasts your lifetime then you should draw up a Will. A Will makes your wishes clear, cuts down the possibility of family arguments and could even save tax or help plan for care fees in later life.
Many people are worth more dead than alive and if you have young children it’s likely that you would like your assets to be properly managed after your death so that your children are provided for in the same way as you would have done had you still been around. You might not want your children to receive a large sum of money as soon as they turn 18 and a Will can ensure that they don’t get control of the money until they’re older. In the meantime people you trust can ensure that funds are available for sensible ventures such as property deposits, education or starting a business.
If, like many families, you have been married before and have children from different relationships, a Will can enable you to put in place arrangements to ensure that everyone is taken care of and your assets are fairly divided. And if you and your partner are not married, a Will can ensure that your partner actually receives something from your estate as unmarried partners have no automatic right to receive any asset that is not in your joint names.
Possible tax savings, dealing with care fees, protecting and providing for your loved ones: surely a Will is worth more than a new sofa?
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