LAST WILL AND TESTAMENT
Making a Will is very important but can also be a hard and daunting process. Our specialist team Will arrange a time convenient for you to come to us, where we can offer you a personal one-to-one service. Home visits or virtual consultations are available to clients unable to visit us.
THE IMPORTANCE OF MAKING A WILL
Writing a Will is essential as it gives your loved ones clear instructions about what should happen to your assets after you have passed away.
Why write your Will?
A clear statement of your last wishes
Protection of and provision for your family and friends
Avoidance of problems with inheritance tax
Full review of your personal affairs
Assurance that all investments are managed effectively
Without Making a Will
After your death disputes may arise with your family
Your assets may not automatically pass to your spouse, partner and/or children
Unnecessary tax may have to be paid
Your estate may even pass to the Government after your death
Step children may automatically inherit from your estate
Promises of gifts to others may be enforceable
Children may automatically inherit at 18 even if you believe that is too young
Why write your Will?
A clear statement of your last wishes
Protection of and provision for your family and friends
Avoidance of problems with inheritance tax
Full review of your personal affairs
Assurance that all investments are managed effectively
Without Making a Will
After your death disputes may arise with your family
Your assets may not automatically pass to your spouse, partner and/or children
Unnecessary tax may have to be paid
Your estate may even pass to the Government after your death
Step children may automatically inherit from your estate
Promises of gifts to others may be enforceable
Children may automatically inherit at 18 even if you believe that is too young
INTESTACY
Every day 2000 people die in this country and most of them leave their families with all the problems of Intestacy – this means dying without having a legally valid Will. Most people incorrectly assume that all their possessions Will automatically pass on to their husband or wife or other members of the family.
Unfortunately, many families often face immediate financial hardship and sometimes they even have to sell the family home simply because no Will had been written. The law of Intestacy means that the State writes a Will for you and your possessions are distributed according to that law.
However, with a Will you can do the following:
You can appoint just who you want to act as your personal representatives and give them all the powers they need to effectively administer your Will.
You save your beneficiaries from paying any unnecessary tax.
You could appoint guardians for young children, ensuring that in your absence they are brought up according to your wishes.
Assets and inheritance
If you have more complex circumstances than are provided for in a Standard Will, we shall analyse your financial status, discuss any issues and tailor a Will to suit your personal needs. These could be owning more than one assets, potential Inheritance Tax issues, exclusions, family issues or wishes to leave gifts to charities.
Why keeping your wishes up to date is just as important
Wills should be reviewed regularly and in particular in the event of any of the following situations:
If your estate has substantially changed in value
Should you marry or form a civil partnership after the date of your Will (marriages and civil partnership will in most cases automatically revoke the Will).
If you divorce or have your marriage or civil partnership annulled or declared void after the date of your Will. In most cases all gifts to and appointments as executors/trustees of your former husband wife or civil partnership shall automatically become void.
If you have any children or further children
If a beneficiary dies
If your change your name or anyone mentioned changes their name
If an executor dies or becomes unsuitable to act due to age or ill health
The Will refers to items or gifts which you no longer have in your possession or have changed