You've bought the crib, you've decorated the nursery, you've chosen baby names. It's an exciting time when you have a baby on the way and there is a huge amount to think about. But have you thought about making a Will? Nearly two thirds of adults don't have a Will in place, but if you've had a baby, it is one of the most important things you can do.
Why should you make a Will when you’ve had a baby?
Unfortunately, we don't know what might happen in the future. If you haven't made a Will, the law will dictate what happens to your assets and who will look after your children. Your family members might not be provided for as you would wish.
A Will isn't just about money. It will also contain details about who should look after your children should you die (appointing a guardian or guardians for them) and will make financial arrangements for them as they grow up.
If you die without a Will, it could mean that your family members receive less than you or they expected and can even leave finances in a mess.
Less people are getting married now than in the past but unfortunately the law doesn't take this into account. Unfortunately, there is no such thing as 'common law marriage', as many people believe and if you die without a Will, your partner will not automatically be entitled to anything.
The worst case scenario means that your partner may not be able to stay in the family home and may not have enough money to look after your children.
If you make a Will, you can make provision for your partner and children and you are safe in the knowledge that they will receive what you want them to have.
Need further advice? Call our Wills, Probate and Trusts team on 023 9298 1000 or email email@example.com.
- Will drafting
- Review of existing Wills
- Advice re provision for children, second families, spouses and civil partners, unmarried partners and other family members
- Advice re charitable gifts
- Advice re foreign and business assets
- Advice re Will trusts
- Inheritance Tax advice.
- Advice re Trust creation and ongoing management
- Preparation of trust deeds and other trust documentation
- Declarations of Trust
- Termination of trusts.
Probate and Administration of Estates
- Advice re the terms of the Will or intestacy rules where there is no Will
- Obtaining values for the various assets and liabilities in the estate, notifying the various institutions and obtaining all necessary estate information
- Obtaining a grant of probate or letters of administration as appropriate
- Dealing with and advice re Inheritance Tax, Capital Gains Tax and Income Tax, liaising with HMRC
- Notifying and liaising with the beneficiaries of the estate
- Preparing a deed of variation or a deed of disclaimer in relation to the estate
- Selling or transferring the various assets due to the beneficiaries
- Dealing with foreign assets and Wills
- Advice re estate disputes and claims against an estate
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