Do you have a Will?
It's important to put plans in place for the future and it's surprising to learn that two thirds of people in England and Wales haven't got a Will.
Most adults have some form of estate; you may have a house or flat, shares, savings, investments, businesses and personal belongings. All of these assists make up your estate and making a Will means that when you die your estate is shared according to your wishes.
Making a Will can ensure:
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Each family member receives their designated share of the estate
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Guardians are appointed
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Estate passes to spouses in a tax efficient way
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People dealing with the estate are those trusted
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Any charitable donations can be made
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Individual gifts can be given to those who will treasure them
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Children from previous relationships are not by-passed
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Avoidance of 'sideways disinheritance
Mirror Will
A mirror Will produces two Wills which are nearly identical and which both leave assets to the same beneficiaries. The most common example would be a couple leaving everything to the survivor of them, and then to their children
What details do you need to provide?
As part of the process and to determine a quote, you will be asked the following questions:
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Do you own shares in a business?
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Do you own property abroad?
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Have you ever been divorced?
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Do you have children by more than one partner?
These questions are asked to determine the level of the Will required for your set of circumstances.
What options do I have?
Singular Will
Suitable for an individual making a Will, this type includes:
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The appointment of executors
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Noting any gifts
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Nominating a beneficiary who will receive the remainder of the estate after all other beneficiaries have received their inheritance and all debts have been paid (residual beneficiary)
FAQs
Can I revoke or cancel my Will?
A Will is cancelled or revoked by any of the following:
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You destroy it deliberately
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A new Will is made
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Marriage generally nullifies a Will
How can I amend my Will?
With your original supplier or by drawing up a new will.
What is residue?
Residue is the money left after debts and accounts are settled.
What if your property is held as tenants in common?
If you're a joint tenant, then property passes to joint owner. if you're tenants in common, your share passes to immediate family or as designated by Will.
Can I leave gifts to people without a Will?
No you need a Will to leave gifts to friends or charity.
Who can be my executors?
Anyone mentally capable over the age of 18 years old. usually a family member or trusted friend. It is best to appoint a trusted person who you feel could do the job. Best to speak to them first; You should have a minimum of one and a maximum of four.
What is an executor?
A person named in the will appoint to carry out your wishes
Do I need to appoint Guardians?
If you have children under the age of 18, you should appoint a Guardian. You can only do this in a Will
What is a Guardian?
A nominated individual in the Will who will look after children under 18 years old