Why is it important to have a Will?
Posted on 11th April 2024
The importance of having a Will cannot be over stressed, especially for anyone with children. A Will is a legal document that specifies your wishes regarding the distribution of your assets and the care of any minor children upon your death. While no one likes to dwell on the thought of not being around, having a Will can significantly impact your children’s future and your wealth’s succession. This blog from our Wills Solicitors in Preston explores why having a Will is crucial for parents and how it can assist with succession and wealth planning.
Contact our Wills Solicitors in Preston
Protecting Your Children’s Future
Guardianship
One of the most compelling reasons for parents to have a Will is to appoint a guardian for their minor children in the event of both parents’ death. Without a Will, the courts could be left to decide who will raise your children without your input, potentially leading to outcomes that you would not have chosen. A Will allows you to make this crucial decision, ensuring that your children are cared for by someone you trust and who shares, or is at least aware of, your values and parenting style.
Financial Security
A Will also enables you to set up financial provisions for your children, ensuring they are financially secure if you are no longer there to provide for them. You can specify how your assets should be divided and at what age your children should have access to their inheritance, the minimum age under law being 18. Without a Will, your estate will be distributed according to the laws of intestacy, which might not align with your wishes and could potentially delay or complicate the distribution process.
Facilitating Wealth and Succession Planning
Clarity and Control
Having a Will gives you control over how your assets are distributed and can help minimise any potential family disputes after your death. By clearly outlining your wishes, you can ensure that your estate is passed on to your children and other beneficiaries in the manner you prefer, rather than being subject to default legal provisions under the intestacy rules.
Tax Planning
A well-structured Will can also be a tool for tax planning. By allocating your assets in certain ways, you can potentially minimise the inheritance tax payable on your estate, thereby maximising the inheritance for your children and other beneficiaries. Strategies might include the use of trusts or the strategic distribution of assets to take full advantage of tax exemptions and thresholds.
Why choose MG Legal Solicitors?
Transparent fees.
Our solicitors offer their services on a clear fixed-fee or hourly rate, and accept personal injury claims on a no win no fee basis.
We are the experts.
Here at MG Legal, our team of friendly solicitors are fully-qualified and have over thirty years' experience in helping clients just like you.
Regular communication.
When you work with MG Legal, your solicitor will be in regular contact so you have step-by-step updates.
Multiple office locations.
If you are looking to instruct our solicitors, we have offices in Garstang, Longridge, Lancaster, and Lytham for your convenience.
Trusts for Asset Protection
For parents, setting up trusts within a Will can offer a means to protect assets and control how and when those assets are passed to children. Trusts can be especially useful for minor children, allowing you to appoint trustees to manage the assets until your children reach a responsible age. Trusts can also provide a layer of protection against creditors, divorce settlements, and other potential future financial risks for your children.
MG Legal: Your Wills Solicitors in Preston
Having a Will is an essential aspect of responsible parenting and wealth planning. It offers peace of mind, knowing that you have taken steps to protect your children’s future and ensure the smooth administration of your estate according to your wishes. For parents, making a Will should not be seen as an optional luxury but as a fundamental part of planning for the future. Consulting with a legal professional to create or update your Will can ensure that your wishes are clearly articulated and legally binding, safeguarding your family’s well-being and your legacy.
To make or update your Will, contact our Wills Solicitors in Preston on 01772 783314 or email wills@mglegal.co.uk. Our Wills Solicitor, Naomi Pinder, is a member of ALL, the Association of Lifetime Lawyers, formerly, Solicitors for the Elderly, and has a breath of experience which can assist with the preparation of your Will.
Contact Us Today:
Or give us a call on 01772 783314.
Clear, fixed-fees
Fully-Qualified Solicitors
Tailored Service
Multiple Office Locations
Decades of Experience
Home Visits
Tagged as: Solicitors in Preston, Wills
Share this post: