Making a Will
Why is it important to make a Will?
There are two ways of looking at this. Either you look at the advantages of making a Will - you set out what you want to happen to your estate after you die. In short, you take the responsible route and show your loved ones that you care about them by sorting out your affairs whilst you are still capable of doing so.
Or you think about the disadvantages of not making a Will - your estate will be treated as an Intestacy and will be dealt with according to the Rules of Intestacy (whereby only married or civil partners and certain relatives can inherit). You also leave a mess for your loved ones to try and sort out with all the headaches that this entails at a time when they are already grieving.
Either way, it is simply prudent to put a Will in place even if you don't think there is much to leave.
What to consider when making a Will
Matters to give thought to...
The key areas to consider when making your Will are:
- who will be the Executors of your Estate - the people who access your Will after your death and carry out the administrative duties associated. They can be Beneficiaries of your estate but must not be witnesses to the signing of the Will. They must be 18 or over and can be relatives (including your spouse or your children), friends, professional executors or solicitors (these last two categories will charge to carry out this role). Your Executors will usually, unless you instruct otherwise, also become the Trustees of any Trusts arising from your Estate.
- are there any Specific Gifts you wish to make (cash gifts, charitable donations or particular items such as jewellery, medals, clocks, paintings, heirlooms, etc) and who will be the recipients of such gifts?
- who will be the beneficiaries of the remainder of your estate?
You may also wish to consider:
- Funeral wishes - whether you would prefer burial or cremation and any details you want recorded in the Will surrounding that choice. If you have a prepaid Funeral Plan I can quote the provider and policy number in the Will
- Guardian appointments - if you have children under the age of 18, who would you want to look after them in the event of the worst happening?
- Pets - if you have any particular instructions regarding any pets that might survive you
- Marriage - are you married, intending to marry, divorced, separated?
- Overseas assets - do you own anything in another country? It may need to be covered by a Will in that country with wording in your UK Will to ensure that your overseas Will shall not be revoked by the existence of your UK Will
Inheritance Tax may be a consideration and part of my role will be to suggest ways in which you can optimise your Estate Planning to reduce your Inheritance Tax liability. Please note that I am an expert in Will Writing but that I am not a Financial Consultant. If you are concerned about Inheritance Tax and your Estate, it is my recommendation that you seek further advice from a Financial Consultant. I am happy to introduce you to one if that would be useful to you.
