Making a Will

What is a Will?

In the event of your death, a Will sets out who you choose to receive your money and property. A Will is crucial to protect you and your family from any disputes and to secure that your inheritance passes in accordance with your wishes to your chosen people. This can sometimes ensure that assets pass through the bloodline to children or grandchildren in the most tax efficient way. This can save much time and expense during an already difficult period.

Having a Will eases the pressure on your family during this time of bereavement. It can make the process easier by dictating your wishes and there is less room for dispute or argument. 

Your Will contains many important terms and should include who you:

  • want to name as Executors and Trustees (these are the people you entrust to handle the management of your estate)

  • would like to be Guardians to care for any children in the future

  • would like to inherit specific property, jewellery, possessions or money

  • would like to inherit any remaining assets.

A Will can also include funeral arrangements and directions for your family.

Contact us today for a bespoke quote for your Will and specialist advice on your personal circumstances. 

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Speak with Charlene to discuss your options and to Make a Will

Why is a Will so important?

It is important that in the event of your death your estate is distributed exactly as you would have chosen.​

If you don't make a Will, or if the Will you leave behind is not valid, then your estate will be distributed according to the most recent Intestacy laws. According to these laws any unmarried partners or step children would not benefit, whilst a spouse you were separated from would. This may of course not be your intention and your chosen beneficiaries may be excluded from inheriting your money or property. This can cause friction between families and can cost money and time to resolve, usually through the Courts. 

 

A Will is also vital to protect any children born through surrogacy or adoption. It is important for you to make a Will if you are divorced, separated or have married again. You should always consider making a Will as soon as your first child is born, or for example when you buy a house (as you then have a major asset). 

Although many would consider their situation to be straightforward, it is still worthwhile having a Will in place to properly record your wishes. This will relieve much of the pressure on your loved ones after your death. You can also feel at ease knowing that your wishes have been recorded and will be followed after your demise. 

Writing a robust Will could also ensure your beneficiaries don't pay more inheritance tax than is necessary. We can provide expert advice on your tax planning position. Contact us today!