Why is it important to make a will?
It is important for you to make a will whether or not you consider you have many possessions or much money.
If you are married, then you would naturally assume that everything you own would go to your spouse. Your assumption may be wrong. If you die without a Will, then your estate would be governed by Intestacy Rules. Under these rules there are clear limits on what a spouse should receive. If your estate exceeds those limits then the surplus monies may go to other persons.
Making a Will enables you to:
- Decide how your assets are distributed on death.
- Ensure that arrangements are made for your family, especially if you have young children.
- If you have young children, then you would probably wish to choose the person(s) who would look after your children. These persons are described as guardians. If you have not chosen any guardians for your children, then someone else would make that choice on your children’s behalf.
- Making a Will enables you to choose the person(s) to administer your estate. These persons are known as Executors or Personal Representatives. These persons are entrusted to make sure the instructions in the Will are followed. They are also responsible for collecting your various assets and paying any debts. They are then responsible for distributing the balance of monies to your chosen beneficiaries in accordance with the terms of your Will. A very important role that should not be considered too lightly.
- If your children are under 18 years when you die, then you would probably wish for the monies that have been left to them to be held on trust for them. The persons entrusted to look after these monies are known as Trustees. The chosen Trustees would then be able to oversee the investment of these monies and may be able to advance monies to the children in times of need. The power of advancement given to the Trustees would depend on the powers stated in the Will. It is therefore essential that you are advised correctly when the Will is drawn up.
- You can insert your choice of funeral arrangements in your Will, if that is what you want. This would, no doubt, assist your next of kin at a difficult time.
- Give you peace of mind that you have a document in place that will carry out your wishes.
If you die without a will there are certain rules which dictate how the money, property or possessions should be allocated. Unmarried partners and same sex partners who have not registered a civil partnership cannot inherit from each other unless there is a will, so the death of one partner may create serious financial problems for the remaining partner.
By making a Will it may be possible to reduce the amount of tax payable on the inheritance. Tell me how
How do I make a Will?
We have a team of specialist lawyers who are able to help the process of making your Will as easy as possible.
- Contact us to arrange an appointment with a member of our specialist team to go through the details you wish to include in your Will.
- One of our specialist team members will contact you to make an appointment to go through the details you wish to include in your Will.
- Our team will produce a draft Will for you to review.
- Once the Will has been finalised we will arrange a convenient time for you to sign the Will.