If you own property and assets, you are in a partnership or are married, you have children or you are employed, whatever your age, we will always recommend that you make a Will. It is probably one of the most important documents you will ever sign.
Should you die without a valid Will, then you are deemed to have died ‘intestate’. Under the rules of Intestacy, the whole of your estate would not necessarily pass to your spouse, civil partner and/or children upon your death.
We can offer you specialist and expert advice regarding the making of your Will. We will ensure your Will is valid and is written and executed correctly.
A Will is a legal document or testament, which sets out your personal wishes as to how you would like your estate to be administered, in the event of your death. If you have children, a Will can also appoint guardians and set out your wishes regarding the care of your children, should either one or both parents die.
Unmarried partners and partners who have not registered a civil partnership, cannot inherit from each other unless there is a Will, so the death of one partner may create serious financial problems for the remaining partner. If you have children, we recommend you make a Will to ensure your wishes for the care of your children are carried out, should one or both parents die.
It may be possible to reduce the amount of tax payable by your estate, if advice is taken in advance and a Will is made.
If your personal circumstances change, it is important that you update your Will to ensure that your money and possessions are distributed according to your wishes. For example, if you have separated and your ex-partner now lives with someone else, you may want to change your Will. If you marry or enter a registered civil partnership, any previous Will you have made will be revoked.
We can advise you on the following:
- What happens if any of your beneficiaries die before you?
- Any other wishes you have, for example the type of funeral you want.
- Who should carry out the wishes in your Will (your Executors)?
- What arrangements you can make, if you have children (such as naming a legal guardian or providing a trust for them)?
You will be required to choose at least one executor to carry out your wishes after your death. An executor can be a member of your family or a friend, but we would advise you to seek their agreement first as it involves a lot of responsibility. An executor can also be a professional person, such as your solicitor. Most people have two executors, but you can have up to four. You should at least have a second executor in case your main one is unable to act on your behalf.
For more information, please contact Gina Leighton-Jones