Gemma Spencer BA (Hons), Solicitor
- Partner and Joint Head of Legal
- 01403 253 282
- Email Gemma[email protected]
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You have been to see a Solicitor to make your Will, you recognise how important it is to take tax advice and ensure your wishes are correctly recorded. But what about your children? They think they’re too young to do a Will, they have nothing to give away and don’t have the time but below are a few reasons why you should tell them to think differently and… grow up!
Wills are documents that change throughout the journey of our lives, mirroring our priorities at each stage. They should not be a one size fits all arrangement that you file in a drawer and forget about. They need updating at regular intervals to take advantage of the relevant tax laws and changes in circumstances.
So, by encouraging your children to do a Will early in their lives they will create good habits and financial hygiene. Like keeping their bedroom clean!
If you have young grandchildren, then who would look after them if the worst happened to their parents? Appointing guardians is one of the primary reasons young people make Wills, and incredibly important, but it is worth your children taking legal advice on this, as there are some complexities that many people do not know about.
If your son or daughter is living with someone or has a cohabitant or partner who they want to benefit on their demise, then they must write a Will. Without one their estate will be inherited under the Intestacy rules and unmarried partners or cohabitants wont automatically benefit.
As we get older our finances tend to become simpler, we pay off our mortgage, we sell the family business, but until then these elements can cause significant difficulties on death and stress for surviving family members. Planning under your Will is recommended to correctly and tax efficiently utilise assets available on death (such as life insurance, pension or death in service benefits) so they go to the right person(s) or pay off important liabilities to leave your loved one’s free of worry.
If you would like to discuss the topics explored in this article, do call us on 0330 124 1399, via our enquiry form or speak to your usual Kreston Reeves contact.
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