Why do you need a will?

When making and writing a will through Phoenix Cymru of Swansea, all options are looked at and catered for. By visiting you and your partner (where applicable) a friendly service will ensure that you are made aware of all the possibilities which cannot be concluded to the same level by simply filling in a form or a quick ten minute telephone call!

Remember, you don't need to be old or rich to warrant a will! You cannot guarantee your date or time of death. Each day you spend without a valid will puts risk on your estate and those you leave behind to clear up the mess. Time and money can be wasted in searching for a will; if one has not been made then an application to the courts will be required to gain the power to deal with your estate. This can be costly and time consuming as the funeral arrangements will be paid for out of your next of kin's own funds. Any children left without a parent will also be dealt with by the courts. This could mean that the children are initially taken into care whilst the options are negotiated which will have a severe affect on the children.

Deciding who should benefit

Everyone should have a will, the minimum age is 18. If you have dependants of any sort and you intend to leave all or some of your estate to them you should have a legally binding document to express your wishes; this is called a will

A will should include those you want to include as beneficiaries but also those who intend to purposely leave out of any inheritance.

If you don't have a will, then the laws of intestacy (1925) will apply. This means that a set of rules are invoked by the government who decide who inherits your estate and may not be what you actually wanted or expected. If you have no valid will and have no close relatives your estate will automatically pass onto the Crown.

Remember, a will is not about you, it is about those you leave behind. A will saves argument, expense and delay.

Inheritance Tax (IHT)

For those whose estate exceeds the Inheritance Tax Limit (currently £325,000) your loved ones could be left to pay 40% tax on the amount above the limit. A carefully drawn up tax plan can save a significant amount of tax leaving more for them.

Executors and Guardians

By appointing Executors and Guardians you will be leaving your estate to those you trust and know that the children will be looked after by a responsible person.

Trusts can be set up for children to allow some control over your money to ensure that they are catered for and also protected. This is important for all children under the age of 18 but especially when considering provisions for disabled children.

Cost and personal items management

Personal items can be listed and distributed prior to the reading of your will, ensuring that your personal effects, most often with a sentimental value rather than purely monetary, will go to those you wish them to go to.

Business interests are also taken care of. The receiver of your business interests, whether shares or family business, will be legally binding and leaves no room for dispute. Inheritance Tax relief can also apply.

If you believe that you have nothing to leave behind, then think again, by creating an estate you can "make" assets by introducing insurance policies to cover costs; costs that can be covered include funeral arrangements, care of children and pets and financial support for your partner, whether married or not.

Phoenix Cymru is registered with the Information Commissioner's Office (ICO) for the Data Protection Act 1998. Registered number Z2277188