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This month I hit a milestone birthday, one which bothered me a bit more than other birthdays where I’ve hit a new decade. After the anxiety and anticipation of hitting the big 40 milestone and then the recovery following a whole month of celebrations, it dawned on me that it really is now time to knuckle down and write a Will.
The first thing I had to consider was why is it so important to have a Will. Here is what I found. There are many advantages of making a will. By making a will you can choose who you wish to inherit your assets, rather than this decision being made by the laws of intestacy. It allows you to provide financial security for your loved ones which is particularly important for unmarried couples as their relationship will not be recognised by the intestacy rules which apply when someone dies without leaving a valid will. You can give opportunities to others by passing on your possessions. You can choose to pass certain belongings to certain individuals, for example, your car or a treasured item. This can ensure that items of sentimental value are retained in the family. You get the opportunity to appoint guardians for your children, make arrangements for your pets, choose your executors, specify wishes for your funeral such as the music you would like played. This might be the melodious strains of Vivaldi or as in my case the sweet voice of Mr Gary Barlow! Finally by writing a will you can get advice on ensuring your estate is tax efficient and avoid any inheritance disputes, ensuring that you really do rest in peace. Its human nature to have a natural reluctance to contemplate our own death, but it is the only thing in life that is guaranteed therefore it is so important to ensure that you choose what happens to your personal belongings, possessions and assets when you die.
The Volume Services team at BCL specialises in placing qualified solicitors and paralegals into interim roles with all types of firms, ranging from Magic Circle firms through to smaller high street practices. In the last 12 months we have seen an increasing number of instructions from firms who are seeking locum Private Client Solicitors, so clearly I am not alone.