Wills

Why make a will

• To avoid dying intestate (without a will) where the State dictates who will inherit your property
• To protect your spouse or partner
• To protect your children
• To leave gifts to your more remote relatives and friends
• To ensure that family heirlooms go to someone who will look after them and in turn pass them on
• To minimise inheritance tax payable on your death
• If you are self employed to make sure that your executors have all the powers they need to deal with your business effectively following your death
• To appoint executors of your choice to deal with your affairs after your death

Intestacy

• Only about 3 in every 10 people have made a will. There is a commonly held misapprehension that a spouse or common law partner will inherit everything. However, without a legal will, even a spouse is not necessarily in that position. If you are not married to your partner, then the position is even more uncertain. The Law does not automatically recognise partners as having the same rights as husbands, wives or civil partners. So, even if you have been living together for many years your partner may be left with nothing if you have not made a will.

Protecting your partner

• By naming your partner as the sole or main beneficiary in your will, you can be sure that they will be protected and will not be worried by uncertainty and possible financial difficulty.

Protecting your children

• Normal financial provisions aside, you can appoint a legal guardian for minor children, you can make provision for disabled offspring (whose benefits might be affected by a legacy unless the provisions are properly worded) and you can expand the powers given to your Executors under the general law.

Protecting your relatives and friends

• You can make provision for gifts of either money or things or, from the other point of view, you can make sure that money does not go to any particular relative (which it might otherwise).

Family heirlooms

• You can make provision in your will for items of family importance to go to someone who will treasure them and pass them on to the next generation.

Minimising inheritance tax

• Whilst the scope to minimise Inheritance tax is not huge, with careful planning and drafting there are ways of reducing (or eliminating) inheritance tax payable on your death e.g. by the creation of a nil rate band discretionary trust. This takes advantage of the nil rate band which currently stands at £325,000. The nil rate band is the amount you can give away on your death without being subject to inheritance tax (subject to the amount of any lifetime gifts you have made in the last years of your life).

If you are self employed

• In your will you can give your Executors powers to continue your business either with a view to selling it, winding it up or continuing it (possibly for the benefit of your spouse or partner). We would normally advise that you give your Executors wide powers to deal with
  your business and sometimes it is
  wise to appoint an additional "business" executor.

Executors

• You can name family members, good friends or a professional person, such as your solicitor. In more complex wills or where there is a possibility of friction it is usually advisable to have at least one professional executor. It is a good idea to mention to your chosen executors that you would like them to act and to check that they have no objections.

What would we need to know in order to draft your will?

• An idea of everything you own, including property, car, money in the bank, stocks and shares, jewellery etc.
• Details of who gets what. Who do you want to leave your property and effects to? Have you got any special gifts or special requests?
• Details of your personal situation. Are you married, living with a partner, separated, divorced? Do you have children or other dependents?
• Do you have children who could be under the age of 18 when you die? If so, do you want to appoint a
  legal guardian?

• You may wish to leave instructions regarding funeral arrangements or
  organ donation?
• You need to name an executor or executors of your will. These are the people who will put into effect the terms of your will after your death.

What happens after your will has been drafted?

• After your will has been drafted and agreed by you it is necessary for you to sign it. Until is has been signed it is not effective. There are technical rules governing the signature of wills so it is important that the will is signed properly and the easiest thing is for you to come into our offices to do this. We can then provide independent witnesses and ensure that the will is signed in the
  right place.

After the will has been signed, what then?

• Your will needs to be kept safely. We can do this for you and we make no charge for this service. We will also provide you with a copy of the completed will for you to place with your records at home. It is probably a good idea to let your executors or a family member know where your will is kept.

How do you keep your will up to date?

• You should review your will at least every five years and after any major life change such as getting separated, married or divorced, having a child or moving house. It is best to deal with any major changes by getting a new will drawn up. But it is also possible to make minor changes (or 'codicils') to your existing will. In both cases it is best to consult us.

Please contact us with your requirements and we will discuss how we are able to
help you.