Making a Will
Last Will and Testament
It is a fact that a third of us will die without having made a Will. There are many reasons why people don’t make a Will, either they think they don’t need one or that their family will easily sort it out. This is not always the case and there can be serious implications if you die without writing a Will.
Writing a Will
We have a team of experienced Will writers who can help you to set out your wishes and requests in your Will. Helping to make what will be a difficult time for your loved ones a little easier.
What would happen if I die without having made a will?
Dying without a Will, referred to as dying intestate, could leave your estate in the hands of distant family members who you would never want to benefit or, if you had no relatives, the Crown. This can often lead to issues amongst those who you leave behind.
Since 1st February 2009 the Intestacy Rules can be summed up as follows:-
- Where there is a spouse or civil partner and children:-
- Spouse/civil partner receives first £250,000 plus personal possessions.
- Half of the rest to children.
- The remaining half is held with the spouse/civil partner receiving income/interest during lifetime and then to children.
- Where there is a spouse/civil partner and no children:-
- Spouse/civil partner receives first £450,000 plus personal possessions.
- If over £450,000 the excess to nearest next of kin e.g. parents but if none then to brothers and sisters.
- Where there are children but no spouse/civil partner:-
- All to children in equal shares.
This is only a summary of the Intestacy Rules but it can be seen that in very many instances they will not fulfil your intentions on who is to benefit on your death. The Intestacy Rules could have a contrary effect!
A Will enables you to benefit whomever you wish. You may also wish to benefit friends or charities. The latter having the effect of possibly reducing the Inheritance Tax bill. To speak to one of our Will writers about writing your will contact us today.
Executor of the Will
Having a trusted executor of the Will is also crucial. The executor or executors should be individuals who are closely connected to you and who you trust to deal with the settling of the estate on your passing.
What is a Living Will?
A Living Will is a set of instructions that are legally binding and basically outlines what you would like to happen if you lose your capacity to make certain decisions, for example if you were involved in an accident or suffered from dementia. This kind of thing can be used alongside a Lasting Power of Attorney (LPA). These are more in-depth, complicated legal documents but can outline your requirements and appoint someone to deal with your affairs should you be unable to do so through accident or illness.
For more information on LPA's contact us.
Can I write my own will?
There are do-it-yourself kits available to buy, but these have their downsides. They can be difficult to complete and if not done correctly can be inaccurate, especially if you have very complex financial affairs to arrange. Anything that is wrong on the forms could also invalidate your will, and if this is the case then the Intestacy Rules would operate. We would recommend using a solicitor to draw up your Will. Our team of experts can assist you. It isn’t as expensive as you may think and would give you peace of mind.
Out of hours
If you are considering making a will, or updating your current one, but don’t seem to have the time during working hours, the Private Client team offer an out of hours service.
Every first and third Tuesday of the month we are open late, till 7pm, making it easier for you to pop by on your way home after work.
The out of hours service is open to all by appointment only. If you would like to book an appointment with one of our specialist legal advisors, please call 0121 746 3300.
Alternatively click here if you were looking for information on Probate and Estates
Subscribe: