This advice applies to England although we do write Wills outside of England. 

Why it is important to make a Will?

Many people think that they don’t need a Will because they might perceive that Wills are only for those with a large estate, or because they think they’re too young to need one, but this is not the case.

A Will is what protects you from having your estate being distributed according to the laws of intestacy, which were put in place 100 years ago and therefore cannot accommodate the needs of most modern families:

  • If you’re in a long-term relationship but aren’t married or in a civil partnership, then you are not entitled to any of your partner’s assets on death, irrespective of how long you have been together.
  • If you have step children or foster children, they are not entitled to any of your assets on death.
  • If you’ve been divorced and have children from the past relationship, you will also need a Will to make sure that adequate financial support is left to them.
  • If you have a complex estate, have previously received an inheritance, or you want to leave your estate to specific parties who aren’t in your immediate family, then you’ll need a Will.

The only way to make sure that your surviving family, and the government, will know your wishes and be able to follow them, is to produce a Will. They are not just for people with large estates.

Change of Circumstances

Our personal and financial circumstances are always subject to change, and it’s important to make sure that your Will reflects your wishes as of right now, not 10 years ago.

If you have recently divorced or are going through a separation, have recently had children, or had a significant change to your finances (for better or worse), then you may need to update your Will.

If you have recently married or entered a civil partnership, then your Will was automatically voided and you will need to arrange a new one as soon as possible.

Reducing Taxes

It may be possible to reduce the amount of tax payable on the inheritance if advice is taken in advance and a Will is made.

Most of us feel we pay plenty of tax whilst we are alive and do not wish to pay tax again when we die. You want your family members to inherit what you’ve worked your life to build; by making a Will, you can ensure all tax allowances are fully utilised to ensure you don’t pay more tax than is necessary.

If you are in any doubt as to whether or not you should make a Will, you should give us a call for free chat.

Book a meeting to discuss your Will

Wills

If you die without a Will there are strict rules laid down by government on who can and cannot inherit if there is no Will. These are called the rules of intestacy.

Many people believe there is no need for professional advice and they can do it themselves. Whilst this may be true I am not advocate of DIY when it comes to dealing with everything I ever worked for.

I want to ensure everything we have worked for goes where we want it to. I would encourage anybody to do the same. 

Some common mistakes in making a Will are listed below many of which could invalidate a Will:

  • Not being aware of the formal requirements needed to make a Will legally valid. 
  • Failing to take account of all the money and property available.
  • Failing to take account of the possibility that a beneficiary may die before the person making the Will.
  • Changing the Will. If these alterations are not signed and witnessed, they are invalid.
  • Being unaware of the effect of marriage, a registered civil partnership, divorce or dissolution of a civil partnership on a Will.
  • Being unaware of the rules which exist to enable dependants to claim from the estate if they believe they are not adequately provided for. These rules mean that the provisions in the Will could be overturned.

In addition to the common issues listed above, there are some circumstances when it is particularly advisable to use a professional Will Writer. These are where:

  • You share a property with someone who is not your husband, wife or civil partner.
  • You wish to make provision for a dependant who is unable to care for themselves.
  • There are several family members who may make a claim on the Will, for example, a second wife or children from a first marriage.
  • Your permanent home is not in the United Kingdom.
  • You are resident here but there is overseas property involved.
  • There is a business involved.

An estate planner will draw up you Will professionally to avoid many of the problems listed often at a very modest cost.

 The charges for drawing up a Will vary and depend on the complexity of the Will but all of our charges are listed on our web site, however please call us for free a informal chat and information on fees with no obligation.

It’s also worth you giving some thought to what you want to say in the Will before seeing us. This should help reduce the costs involved.

To save time you should give some thought to the major points which you want included in your Will. You should consider such things as:

How much money and what property and possessions you have, for example, property, savings, occupational and personal pensions, insurance policies, bank and building society accounts, shares.

Who you want to benefit from your Will. You should make a list of all the people to whom you wish to leave money or possessions. These people are known as beneficiaries. You also need to consider whether you wish to leave any money to charity.

Who is going to sort out the estate and carry out your wishes as set out in the Will. These people are known as the executors.

Once a Will has been made, it should be kept in a safe place and other documents can be kept with it but should not be attached to it. There are a number of places where you can keep a Will.

At home or with your estate planner, or at a bank. We advise you register and keep it in professional Will Bank.

Find out more about secure document storage.

Executors

Executors are the people who will be responsible for carrying out your wishes and for sorting out the estate. It can be a complex and time consuming job.

It is important to choose executors with considerable care, since their job involves a great deal of work and responsibility. This is just one of many subjects we can help to advise you on.

Your executors will have to collect together all the assets of the estate, deal with all the paperwork and pay all the debts, taxes, funeral and administration costs out of money in the estate.

They will need to pay out the gifts and transfer any property to beneficiaries.

It is not necessary to appoint more than one executor although it is advisable to do so – for example, in case one of them dies. It is common to appoint two, but up to four executors can take on responsibility for administering the Will after a death.

  • Relatives or friends
  • Professional executors or a Bank
Book a meeting to discuss your Will