As a landlord, you’re not just collecting rent, you’re building a property portfolio and creating a legacy for the future. But making a Will is something that often gets overlooked.
It’s one of those things that many landlords put off, assuming everything will just work out. Kerry Davey, a solicitor at JMP Solicitors, explains why it’s so important to have a valid Will in place. Without one, things can get complicated when you’re no longer around. You might think your property will automatically go to your loved ones, but without clear instructions in a Will, it could lead to delays, disputes, and outcomes you didn’t intend.
Why Should a Landlord Have a Will?
- Take Control of Your Property’s Future
If you’re a landlord with several properties, they could be worth a substantial amount. Without a Will, you run the risk of your estate being divided according to the law of intestacy, not necessarily your wishes. This means the law dictates who inherits your assets, and it might not go the way you’d planned. A Will lets you decide exactly who gets your assets, whether it’s your family, friends, or even a charity close to your heart. - Avoid Family Disputes
The more properties and assets you have, the more chance there is for confusion or disagreements when you’re gone. Without a Will, your beneficiaries might not agree on how the assets are divided up. By having a Will, you can make sure everyone knows exactly what you want, so there’s no room for misunderstanding. You can also choose someone you trust to manage your estate (your executor), helping to prevent any family squabbles. - Ensure Your Business Continues Smoothly
If you treat your property portfolio like a business, you’ll want to make sure it keeps running smoothly after you’re gone. By making a Will, you can appoint someone to take over the management of your properties. This is especially important if the income from your rentals supports your lifestyle or you have tenants who depend on you. A Will can help ensure everything continues without disruption, even in your absence. - Plan for Tax Savings
Estate planning isn’t just about who gets what, it’s also about making sure your family isn’t hit with unnecessary taxes. Without a Will, your estate could face higher taxes or delays, which could affect your loved ones or even your property business.
How JMP Solicitors Can Help
If you need advice or help with writing a Will, we can help. Call Kerry on 01476 565 295 or email [email protected] for a friendly chat about how we can help you get your affairs in order.
