Making a Will

Making a will means that you control exactly how your property and affairs are dealt with. Far too often people assume that their property will go to their relatives.

Did you know for instance that under the Administration of Estates Act 1925 your spouse is not necessarily entitled to all your assets and money or that if you are a joint owner of property your co-owner may not be entitled to your share of the Property on your death? To see who is entitled to your estate if you do not have a will please access our Order of Entitlement Guide.

By making a Will you choose who will get what. In order for us to give you the best advice consider the following points:

1. Make a list of your assets and liabilities (include all your insurance policies) to ensure that the financial aspects are fully considered – Inheritance Tax (‘IHT’) starts at £325,000 and is applied at a set rate of 40% under the Inheritance Tax Act 1984. We can help you mitigate this additional tax in addition to drawing up your will.
2. Appoint trusted and responsible Executors – these are the people who will be appointed by the Probate Registry to administer your affairs. Whilst we will guide them through the process they are responsible for the administration. You need to consider who should be appointed and, more importantly, ask them would they mind acting.
3. Guardians – if you have children also consider who you would want to look after them if you were to die unexpectedly.
4. Specific Gifts – make a list on any assets or personal items you wish to give to people.
5. Cash Legacies – if you want to give money to family or friends these should be listed.
6. Residue – after the specific gifts and cash legacies what do you want to happen to the rest of your estate – there are many ways of dealing with this but in the first instance we just need your general thoughts about what you want to do so we can guide you in finalising the Will.

By making a Will you are ensuring that your wishes are met. You will also avoid a lot of problems that would otherwise arise if you die without a Will. They help prevent family arguments and also ensure that your loved ones are sheltered from administering your Property under statute.

All our Wills are affordable and we explain everything in Plain English rather than using legal jargon so you know exactly what we have done for you. If you are concerned that your children may not be sufficiently mature or if you don't like their chosen partner, we can advise on ways in which to structure your Wills to protect your assets. Even if you have made a Will, you should revisit it as and when your own circumstances change.