Mugford & Co Wills (Fareham) Ltd
There is little that can be done to ease the trauma of bereavement,
but a well planned Will can ensure comfort and financial security for loved
ones. Without a valid Will covering all of a person's property it will pass
under the intestacy rules, which a recent Law Commission report has
described as outdated, confusing or placing unnecessary obstacles in the
way of those with a valid claim to share in the deceased's assets.
Generally people who die intestate have given no thought to
the distribution of their estate. Where someone dies intestate leaving a
surviving spouse and children he may mistakenly believe that his spouse
would inherit everything. Practically nobody dies intestate intending the
result achieved by the intestacy rules.
Failure to make a well planned Will can leave an unnecessarily large tax bill or worse, to leave a legacy of bitterness and family discord.
Most people are aware of the importance of making a Will, yet it is an alarming fact that 72% of all adults do not have one.
Each year thousands of people die intestate. Surveys have shown that many of those without a Will intend to make one but,
quite simply, have never got around to it.
At Mugford & Co we have designed a fast and personal service to provide you with a comprehensive Will.
Not having a Will can have unexpected consequences and leave problems rather than a legacy for loved ones.
Why You Should make a Will
- Without a Will the people you want to give to may never receive it.
- Without a Will the ultimate recipient of your money may be the government.
- The intestacy laws do not provide at all for partners living together (outside marriage or civil partnerships).
- Who would be the guardians of your children should you and your partner die?
- By Will you can make provision for more complicated situations, such as second families.
- Decide between the taxman and your family. Efficient IHT planning can make substantial savings and is a means of
maximising the legacy you leave to your loved ones. Inheritance tax (“IHT”) has been described as the voluntary tax. It is estimated
that each year hundreds of millions of pounds in IHT is paid needlessly by failure to plan ahead.
- The administration of estates is usually quicker and cheaper when there is a Will.
- By Will you can appoint who you think would be the most appropriate person to be the executor.
- Without a Will none of your money can go to charity or to friends.
- Without a Will you cannot leave specific gifts, such as jewellery or collections.
- If you run your own business, without a Will, who would run it after you have gone? Without powers granted by
Will the law greatly restricts how it can be run.
- By Will you can leave precise funeral wishes.
You should review your Will every 5 years or on a change in circumstances, such as marriage, civil partnership, divorce, second families or inheritance.
We would discuss with you your individual requirements in order to provide you with a Will tailored to your circumstances and to advise you of any pitfalls.
Please contact Richard Mugford for further information.