All financial law services providers will tell you the importance of having a will, whether or not you have many possessions or much money.
If you die without a will, there are certain rules which dictate how your money, property and possessions should be allocated, which may not be how you wanted your money and possessions distributed.
Financial law services providers can advise you on what happens if you pass away without a will. For example, if you have an unmarried partner you cannot inherit from each other unless there is a will. Similarly with children, you need to consider arrangements in the event one or both parents die.
Another important aspect on which you should seek advice from a financial law services provider is the possibility of reducing the amount of inheritance tax payable on what you may leave behind.
If your circumstances change during your lifetime you should always update your financial law services provider and arrange to update your will. You should also seek advice from your financial law services provider of the consequences of marrying or entering into a registered civil partnership as this can make any previous will you invalid/redundant.
Most wills are not as straightforward as initially assumed and it is best to seek professional advice from a financial law services provider to ensure all your requirements are met. Most financial law services providers will be able to draw up a comprehensive will as well as directing you to any appropriate specialists for tax advice. We provide a complete will drafting service and can direct you to tax and estate planning specialists.
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