Making a will
It is estimated that up to 2/3 of adults do not have a valid will. Making a will is one of the most important tasks you will undertake. It is the only way to ensure that, when you die, all of your money and property passes to who you choose.
If you die without making a will, there are strict rules setting out who is entitled to what – called the “Intestacy Rules”. These rules do not always pass your assets to whom you might expect. For example, if you do not make a will, your surviving husband or wife does not automatically inherit everything.
Click to see how the Intestacy Rules work if you die without making a will.
Straightforward advice on Inheritance Tax Planning & Wealth Preservation
People work all their lives to provide for themselves and their families. It is natural to want to preserve as much of the wealth that you have generated during your life as possible, for your family and loved ones. A pragmatic and constructive approach to Inheritance Tax planning is at the heart of what we do – however complex your personal situation, we will advise you in a clear and understandable way on solutions to suit your own circumstances. Making a Will is a crucial part of any Inheritance Tax planning, as is keeping that Will up to date as time passes.
What to think about when you are making a will
When you are making a will you can use it to:
- Appoint people to look after you affairs after you have died and ensure your wishes as set out in your Will are followed (“Executors”)
- Nominate people to look after money until children reach an age old enough to receive their inheritance (“Trustees”)
- Appoint people to raise young children (“Guardians”)
- Determine who receives what from your assets
- Make specific gifts to individuals
- Make gifts to charities
- Safeguard the continuity of any family business
- Avoid potential family disputes
- Create trusts to provide for young children
- Consider the impact of Inheritance Tax and how to provide for it
It is, after all, your money that you have worked for during your life – you should be the one to take control and determine what happens to it after you have died. By making a will you ensure that you take that control.
Keeping your will up to date
Equally as important as making a will, is ensuring that you keep it up to date. You should review your will every 3-5 years, or upon any major “life-changing” event – for example having children, getting married (unless written in anticipation of such an event, marriage revokes a will anyway) or receiving an inheritance. Whilst you may not need to change your will every time, making sure that you do review it, and ensuring that it still matches your circumstances, is a vital part of your overall management of your personal affairs.
For further information on wills, please contact Chris Strange by emailing Chris or by calling him on 08450 990045, or speak to your usual contact in the Wills, Trust and Probate Team.