By Juliet Phillips-James, Director, Gomer Williams (as featured in the Llanelli Star)
Q. Do I need to make a Will?
A: Nobody wants to think about dying, and it is for this reason many people put off making a will as they do not want to consider the prospect of their own mortality.
However, without a Will, the law dictates to whom your assets pass and, with the intricate nature of many family relationships, it is important that your post-death affairs are put in order prior to your departure from this world.
For example, many people who are married but have children from a former relationship may not intend for their entire estate to pass to their spouse as they would want to ensure that their children are also provided for. Without a valid will in place this would not happen, and where there is a relatively small estate (less than £250,000) it would all pass to the spouse.
Furthermore, cohabiting couples cannot inherit from each other where there is no will. The death of one partner therefore could cause serious financial complications for the other.
There is also the potential to reduce the amount of inheritance tax payable with careful estate planning on estates in excess of the inheritance tax threshold, which is currently £325,000.
Wills are relatively cheap to make and a well drafted will could save your nearest and dearest substantial problems in the future.
So whilst it may not be something you want to think about right now it is certainly something that should not be ignored indefinitely.
Where there's a Will, there's a way to ensuring your wishes are carried out after your days.