Wills

Making a Will

Writing a Will may be something you've been thinking about for many years. The reasons for having a Will may be many and varied but if for no other reason, a Will makes life a lot easier for those you leave behind at a time of sorrow. If you die without a Will (Intestate) your family has to sort out many administrative matters and the law dictates who inherits your property which rarely results in what you would have wished yourself.

The process involved in making a Will is not necessarily complex but it does need to be expertly and thoroughly handled. If not it might let down the people you want to benefit when you're gone. Most clients begin with questions usually because of things they may have heard or read which they find confusing. Our aim is to explain the process as simply as possible with advice tailored to their individual needs.

Why should I make a Will?

Making a Will is something everybody should do.  By making a Will you can ensure that the people you want to inherit from your estate do so.  You can decide who will look after your affairs and where applicable appoint Guardians to care for your minor children.

Specialised Wills can be drawn up to provide security for disabled beneficiaries whilst at the same time ensuring that any benefits they may be receiving are not adversely affected.

If you do not make a Will your estate will be divided in accordance with the strict Intestacy Rules.  You may find that your spouse does not inherit all of your estate placing them in financial difficulties and family members who you have not seen for years become entitled to a share of your estate.  Friends, step-children and even charities who you wanted to benefit would receive nothing.

By making a Will you can reduce your Inheritance Tax Liability. The current threshold is £312,000 per individual (£624,000 per married couple).  By consulting a Solicitor you may be able to make use of Tax exemptions and certain Trust thereby reducing or eliminating your Inheritance Tax Liability.

The above can be achieved by including in your Wills:

• Discretionary Trusts including Loan Clauses

• Life Interest Trusts

• Conditional Gifts

 

How do I make a Will?

Firstly, you should think about what assets you have in your estate, and where possible, get further details.  You should then think about who you want to appoint as Beneficiaries and whether you want to make any specific gifts.

You then need to decide on who you want to appoint as your Executor(s).  Executors are the individuals who are responsible for ensuring your estate is administered in accordance with the terms of your Will.  These can be family members, friends or Solicitors and they can also include Beneficiaries.

Once you have decided on how you want to proceed, you should then contact either Sally Tipping, Solicitor or her Assistant Anita Gillam to make a mutually convenient appointment to attend our office to discuss our requirements.

We also have facilities in place whereby we can obtain instructions and draft Wills for client’s who do not live locally or require home / hospital visits.

 

Click on the links below for further information on:

Wills

Probate

Trusts

Equity Release

Administration of Estate

Court of Protection