Making a Will

None of us like to think about such things, but as the old saying goes "there's only two certainties in life, death and taxes" and so it makes sense to cover both eventualities by making sure you have a plan in place.

Many people assume that when they die, their money and belongings (their Estate) will just pass to their family - but this often isn't the case. In some cases, the Government may decide who benefits from the estate. By spending a little time now considering your options, you can ensure that your wishes are met.

Did you know that approximately £175m in assets is lost every year to bereaved families because a relative has died without a Will or with an outdated Will.

Source: The cost of dying with an outdated will is £9,700. The Telegraph, October 2014.

What are the benefits of making a Will?

There are many benefits to making a Will, including:

  • Peace of mind

Having a valid Will place means you can put your affairs in order and leave clear instructions to assist the loved ones that you leave behind. If you have young children you may also name Guardians to look after them when you’re gone.

  • Protecting your legacy

You can protect your legacy from future changes within your family such as if your spouse remarries. Marriage revokes any previous Wills and so this can cause your children to be disinherited, especially if your spouse didn’t update their Will and died before their new partner.

  • Reduce complications and upset after you are gone

By writing a Will you can choose who you wish to inherit your assets, rather than this decision being made by the laws of intestacy. See the flow chart below for further information.

  • Opportunity to leave money to a chosen charity

If you have a charity that is special to you and would like to donate a sum of money to them on your death, this can be done via your Will. It is important to consider how a charitable legacy might affect your tax position.


Do I need a Will?

If you would like to protect your estate and choose who will benefit from your estate when you pass, then a Will is essential. Leaving a valid Will can bring peace of mind to you and your loved ones and can also help to ease further heartache.

What happens if you don't leave a Will?

If you don’t have a Will in place when you die, your money, property and possessions will be shared out according to the law, which maybe different to how you would like to see it distributed.

Newcastle Building Society acts as an introducer to The Will Writing Company Ltd for estate planning services. The Will Writing Company Ltd (3616406) is authorised and regulated by the SRA in England & Wales as a licensed body (SRA number 626921).