What is a will?
A will creates a set of instructions that lets you decide what happens to your money, property and possessions and guardianship for your children (if applicable) after your death. A will can also make sure you do not pay more Inheritance Tax than you need to.
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Why make a will?
Peace of mind
To know that your assets and family will be looked after according to your wishes should you die gives you piece of mind.
A will makes administering your estate much easier for your executors. It can also help minimise any disagreements between beneficiaries.
A will ensures your assets are protected and assets are passed on in a controlled way. This may be relevant if you have young children who could inherit significant sums of money at a young age.
What happens if you die without a will?
When a person dies without leaving a valid will, their property (the estate) must be shared out according to the rules of intestacy. If you are married with children up to £270,000 can go to your spouse with the rest split between your children and spouse. If you don’t have a spouse or children, your estate could go to more distant family and, if you are married, could actually all end up on one side of the family.
Why use a Solicitor? Rather than a Will Writer or even a do it yourself will?
For very simple cases a home will may be appropriate. But most doctors will have significant estates and Inheritance Tax Issues. A will is a legal document, and the language needs to be very precise to ensure your wishes are carried out as you intended.
Whilst some Will Writers may be quite experienced, they are unregulated and, can be completely untrained, Will Writers are not regulated and there is no compensation if mistakes occur. Solicitors are insured and regulated by the Solicitors Regulation Authority that maintain standards and also administer an insurance fund in the event of any issues.
Medics’ Money podcast listeners can get up to a £150 discount on a will and Lasting Power of attorney here:
What are the key things to consider when making your will?
In the podcast we discuss the role that trusts play in distributing your assets in a controlled way. We also talk about Inheritance Tax and how a trust can help to minimise an inheritance tax liability.
Medics’ Money podcast listeners can get up to a £150 discount on a will and Lasting Power of attorney. Click here to learn more about Wills and claim the discount here: