The process of making a Will is simpler than you might think.
Step 1: Gather a rough outline of the assets you own, whether they are solely owned or jointly owned, the approximate value and the registered location of each.
Step 2: Make the big decisions: to whom do you want to leave your estate? If it’s to your children, at what age should they receive the capital? By law capital goes to a beneficiary at 18, though this might be a bit young, so we often suggest 21. There are also some sound tax reasons for doing this. However, you can set it up so that funds pay for education maintenance and general standard of living until whichever age they receive the capital.
Don’t get too worried about executors – we can advise on the pros and cons of the choices available.
Step 3: If you have children under 18 you also need to appoint guardians in case both parents should die. Do discuss this with family and friends, but we can advise you in detail on the legal and practical points to consider, as well.
Step 4: Follow it through. So many people get as far as draft Wills – and even pay for them – but delay getting around to coming in to sign them until it’s too late. If you already have a Will, please make sure it’s up to date! We recommend reviewing your Will every 5 years.
First and foremost: decide that you want to make a Will. You need one no matter what your finances. Then set aside the time to go through the steps above, and meet with your solicitor to talk it through and make sure you’ve covered off everything.
All Wills are some sort of trust. Trusts aren’t as complicated as many think. Some of the reasons people create Trusts can be: to delay legacies, to group family members together as potential beneficiaries, or maybe to allow somebody to use capital in their lifetime but earmark the capital after a first beneficiary’s death to your appointed family member/friend. There are a myriad of uses for charities, which allow flexibility and give you confidence that your estate will pass to exactly whom you wish.
As well as keeping it up to date, you need to make sure family/friends are aware you have made a Will and where it is! We can give some recommendations of ways to do this so that your Will won’t get overlooked at the time of your death.
Of course this is a common question, but it is like defining the “length of a piece of string”. Once you have discussed your Will requirements with us, we can give you an accurate estimate of costs – and until that stage there is no fee obligation on your part. We’re confident our expert team will deliver a value for money service through their professionalism, friendliness and ease.
If you would like to further discuss drafting your Will or more information about our Will services, contact us below and we’ll come back to you shortly to let you know how we can help.
We are always telling you to write a Will – well what would happen if you didn’t? Not only might the Inheritance Tax consequences for your estate be cruelly expensive, here is a simple guide to how your assets would automatically pass by law – the “Intestacy Rules”: Click here to open
No doubt you will have seen reports in the media such as these relating to the cause of a daughter’s challenge to her late mother’s will. Some commentators are suggesting that the case in some senses limits the ability of people to deal with their estates under their wills. http://www.theguardian.com/uk-news/2015/jul/28/daughter-wins-164000-decade-long-legal-battle-mother-will-charities http://www.bbc.co.uk/news/uk-england-beds-bucks-herts-33684937 However, as Andrew Murray… Read more »
Changes made by Inheritance and Trustees’ Powers Act 2014. The government intends to bring the Act into force on 1 October 2014 1. The Act will ensure that, where a couple are married and there are no children or descendants, the whole estate passes on intestacy to the surviving spouse when one spouse dies. 2…. Read more »