Wills
WHY DO YOU NEED A WILL?
Postponing the creation of a Will can lead to significant complications for your loved ones after your death. Without a Will, your inheritance could end up in the hands of the wrong individuals or even the government. By drafting a Will, you can specify exactly how your estate will be managed and distributed, ensuring your assets go to the intended recipients and reducing the risk of family disputes.
At LS Wealth Management, our legal team specialises in crafting professionally drafted Wills tailored to your unique circumstances. Ensure your wishes are honoured and avoid potential pitfalls by consulting our experts today. Download our guide for more details on creating a Will.
WITHOUT A WILL
- No Assurance for Intended Beneficiaries: Your chosen heirs may not receive your assets
- Spouse or Civil Partner: They are not automatically entitled to inherit your entire estate
- Unmarried Partners: They may not be entitled to any of your assets
- Minor Children: They may be placed in care until guardians are appointed
- Delays and Disputes: Beneficiaries might face lengthy delays and potential conflicts
- Undesired Inheritance: You cannot prevent certain family members from inheriting your assets
- No Bequests to Non-Family: Friends, colleagues, or charities cannot inherit outside the Intestacy Rules
IF YOU DON’T HAVE A WILL
For those who die intestate, the government has a default Will, likely contradicting their actual wishes. Here is the standard will, written by the government:
- 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.
The absence of a Will can cause immense problems, financial hardship, and unnecessary expenses for your family during an already difficult time.
WITHOUT THE APPROPRIATE BUSINESS SUCCESSION STRATEGIES:
- Spouse/Partner and Children: They may not inherit your share of the business.
- Business Partners: They might not have the option to purchase the deceased’s share
- Surviving Family Members: They may have to manage the business without sufficient experience, potentially reducing its value
- Sale of Business: The business might need to be sold, with proceeds subject to Inheritance Tax
For further information and assistance in setting up a Will or business succession plan, contact our in-house legal team.
