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Why you should have a will

July 21 2017

Latest figures from, Unbiased, a financial advice website, show that only around 30% of the population have written a will. This means about 30 million people in the UK do not currently have one which could lead to problems for family and friends in the future.

Whilst thinking about what will happen to your assets after your death may not be pleasant, it is important to have a will for several reasons:

1. To make sure your assets are distributed according to your wishes

If you have not written will before you die, your assets will be distributed as set out in the law, rather than split according to your wishes. This means that people who you had not intended to inherent your estate may be entitled to it and those you wished to bequeath it to may not benefit the way that you intended them to.

2. To make things easier for dependents

The period of time after the death of a love one can be very stressful and emotional, with many things to sort out as well as come to terms with. Having a clearly written will can make things a lot easier when it comes to sorting out belongings and means that there is one less things for family or friends to have to worry about.

3. To decrease the amount of tax due

Making a will can also help to reduce the amount of tax that could be payable in terms of inheritance tax. Seeking legal advice about how to plan around this can be helpful in order to limit the liability that family members could be left with. Solicitors can also advise on how to set up trusts if you wish to gift money to children as part of your will.

Grahame Stowe Bateson are a leading private client firm in Leeds who offer a range of legal services to individuals. Our experienced team of solicitors operate across all areas including wills and probate as well as criminal defence, family law, employment law and mental health law. If you are looking for a solicitor in Leeds please get in touch in confidence today on 0113 246 8163.

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