How to protect your loved ones

Published: 24/07/2014

Transcript

Hi I’m Linda Cummins, Head of Wills and Probate here at Goldsmith Williams Solicitors.

For over 25 years we have been helping clients make a Will as well as lifting the burden of Probate and Estate Administration. However with over half of UK adults yet to write a Will, and many under the dangerous misconception that they don’t actually need one, we have developed this short video to address some of the concerns and myths surrounding Will writing.

When it comes to reasons why not to make a Will, we’ve heard them all – ‘I’m too busy’, ‘I’m too young’, ‘My family will get it all anyway’.

But the bottom line is there are many reasons to make a Will; without a Will our nearest and dearest may not inherit anything from us. Unmarried partners, for example, are not entitled to anything while children will only inherit your estate if you are not married or it is worth in excess of £250,000.

It is essential that anyone with young children has a Will as this is where you can appoint guardians so that, should the unthinkable happen, your children would be looked after by the person or persons you would have wanted.

Naming godparents is not enough as they have no legal standing when it comes to guardianship. Without a Will the Courts will decide who looks after your children and where they live.

It is also important to make a Will if you would like to leave a gift to charity.

There are also things we can do to mitigate inheritance tax by using trusts in your lifetime and in your will.

Trusts are also important to have if you have vulnerable beneficiaries such as young children or a dependent with a disability.

We also help families dealing with the administration of a loved one’s estate by relieving the emotional burden of probate, ensuring the estate is administered as quickly as possible and with minimal disruption allowing you to spend time with those who matter most.

We spend our lives looking after our loved ones so why wouldn’t we want to make sure they’re protected and provided for when we’re no longer here.