Making a will is an essential document when planning how to provide for your family and loved ones, after your death.
However, a will is not purely for passing money and assets to those people you choose, but can also be used to for other purposes, for example appointing guardians
If you do not have a will when you die, the passing and distribution of your assets is governed by the strict legal rules that apply to “intestate” estates. Most people want to be sure that they control who will inherit assets from their estate and the way to do this is through making a will.
Making a will is one of the most important documents you will create during your lifetime and is always part of any prudent future planning.
What does writing a will entail?
The process of writing a will is helpful and methodical with the help and guidance of a solicitor, and importantly, it gives you a legal document that names all your beneficiaries and who you wish to receive certain personal items and assets.
Specifically, this includes that:
- You can choose your executors –the people who carry out your wishes.
- You can dispose of your estate in the way you wish, and safeguard your dependents.
- If you are not married, but live with someone, you can specify that you wish for them to receive your house or other items, rather than your next of kin.
- You can appoint guardians for young children.
- You can give instructions about your funeral.
- You can even make provisions for your pets.
- Many people are able to take advantage of tax planning to save inheritance tax.
Keeping your will up to date
Your assets and liabilities can change, as can the circumstances of your family or other beneficiaries. For instance, if your spouse or partner should have to go into nursing or residential care, you may wish to set up a trust to provide income only for your children.
Lots of people think that being part of a “blended family” makes drafting a will too complicated. In fact, there are lots of options for people in this position and a solicitor can advise you and tailor your will to provide for your unique family circumstances.
If you have children from a previous marriage, a will can balance the inheritance among all beneficiaries to prevent potential disputes and ensure your wishes are carried out. This might involve letting up trusts or specific allocations to guarantee everyone is treated fairly.
If you own a business, it’s important to consider succession planning and how your business interests will be managed or transferred upon your death, as well as review and update if this should change.
“Do it yourself” wills
While Do-it-yourself (DIY) wills might appear convenient and budget-friendly, they often lack the necessary legal accuracy, which can lead to complications.
DIY wills have become increasingly popular due to their affordability and convenience. However, they can carry risks leading to unintended consequences, The workings of homemade wills can often make them ineffective in carrying out your exact wishes, and can result in setting up unnecessary trusts or only dealing with only a part of your estate.
A professionally prepared will ensures peace of mind for your family and especially yourself. Proper planning means you’ll have a simple, tailor-made, legal will. The cost is low considering the potential advantages to your Estate. Should you have fairly complex financial affairs and need tax planning advice, expect to pay slightly more.
Frequently asked questions answered
There are a number of decisions you will need to take whilst making your Will. Below we answer some frequently asked questions.
Why should I make a will?
- It is the only way to make your intentions known and set them down in a binding manner.
- It allows you to choose executors, who are the people that you trust to administer your estate. If you have a will in place those executors, take on that role immediately following your death.
- You can appoint guardians for your young children to ensure that there is continuity of care for them and the people you trust most can make those all-important decisions for them.
- A will can utilise opportunities for personal tax planning and maximising inheritance tax reliefs
- A will can be used to ensure that any business interests you have
- You can incorporate trust structures to provide protection for more vulnerable individuals such as young children or disabled beneficiaries.
Arguably the most important reason to make a will is for peace of mind, knowing that you have done everything you can to protect the interests of your family and loved ones after you have gone.
Should I use a solicitor to make my will?
Using a solicitor to create a will means that you benefit from professional guidance and advice, making the process less stressful. We can provide tailored solutions to your individual scenario. Solicitors are regulated professionals providing you with peace of mind that you are being given the correct information tailored to your (and your family’s) specific circumstances and not just an “off the shelf” template.
A will should be drafted to take into account your current circumstances, however, are often drafted in such a way that they will cover your long term intentions, subject of course to you changing family and financial circumstances. Our experts will guide you through the “what ifs” to make sure that you have considered all eventualities and also to raise any issues you may not have considered.
We will also advise you if we think there are any potential issues for example, a claim against your estate because you have excluded someone or have made a lesser provision for them than they would expect. We can advise and explain how to mitigate that risk.
Wills are complicated documents and small errors or omissions can have far reaching implications. Using experienced solicitors to prepare your will means that you can be confident in the quality of the document that is prepared for you.
I don’t have many assets, do I need a will?
Probably, yes.
Even if you don’t have many assets, you may still need to appoint guardians for your minor children (if any).
If you don’t have a will you can’t choose who administers your estate (even if it has a modest value) when you die.
We often find that people are worth more than they think. Even if you have a heavily mortgaged home, there is likely to be some value left in it and people often have a life insurance policy in place to clear the balance when they die. People often have assets which they have forgotten about for example shares when their bank merged, paper based premium bonds, old work based pension and “paid up life policies” where the premiums no longer have to be paid.
We prepare wills for people from all walks of life. We are proud of our “high street” routes and are committed to helping our local communities.
I don’t have any family, do I need a will?
Yes, arguably more so than if you do have close family. If you don’t have immediate family, under the intestacy rules, your estate may be distributed to distant family members with whom you have little or no contact. If no family members can be located, your estate eventually can pass to the crown.
Most people, even without family members surviving them, have individuals or charities that are important to them. A will allows you to specify who you want to inherit from you.
I don’t speak English, can I make a will?
Our experts are experienced in preparing wills for individuals where English is not their first language or where assistance with communication might be needed, for example where someone is hearing impaired and a BSL interpreter is required. Where necessary we can engage independent interpreters to assist when we are advising you and taking your instructions.
Do you offer home visits?
Yes. We understand that not everyone is able to attend our offices and we will meet with you at your home if you wish (additional charges may apply).
Do you prepare wills remotely?
No, we will only prepare wills for people that we can meet face to face.
I have a will, do I need to update it?
We recommend that a will is reviewed every three to five years or sooner following major life events for example:
- Death of a loved one
- Unless your will was signed ‘in contemplation’ of the marriage, your will will be revoked by your marriage
- Birth of a child or grandchild
- Divorce- you or any of your beneficiaries
- Changes in financial circumstances of you or your beneficiaries
- Receiving an inheritance
- Changes in your personal circumstances, for example lots of people choose to review their wills if they have been diagnosed with a degenerative condition.
I have a blended family – how do I provide for them?
We appreciate that modern families can look very different to how they used to. Our experts are experienced in advising individuals with complex family circumstances.
We can advise on the use of trusts to protect assets in the event of second marriage. For example you might want to consider an immediate post death interest trust (more commonly referred to as a life interest trust) in a will to allow your spouse to continue living in your home whilst ensuring that your children from a previous relationship will ultimately inherit your ‘share’ of the property when your spouse dies.
There are also other more flexible solutions that we advise on if a life interest trust does not meet your requirements. Some individuals might choose to incorporate a discretionary trust within their will to allow the trustees flexibility in deciding how to provide for a set beneficiaries (e.g. their spouse, children and grandchildren).
If you have or are part of a blended family we can assure you that we can find a solution for your individual family’s needs.
What about tax planning?
For many people tax planning is a significant reason for making or reviewing their will. Whilst most people don’t want tax to be the ultimate deciding factor, it is without doubt a very important aspect to consider.
We offer two services:
- Preparing a will to include advice about your likely exposure to inheritance tax and the implications of your will on your estate’s IHT position
- Estate planning alongside making a will. For some people this might take the form of an initial advice meeting. This is often followed by the preparation of a will when they have had the time to consider the advice provided, and often when they have discussed matters with family members. For others we can provide advice on their current situation and then advise about possible tax planning strategies for the longer term.
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