A Will is a document that sets out how you wish your possessions to be distributed after your death and who will look after distributing those possessions.The best way to make sure your possessions are distributed in accordance with your wishes is to make a Will. If you die without a Will, your possessions will then be distributed according to the law. The law will also decide who will be responsible for administering your estate.It is never too early to make a Will !
Some Reasons for making a will
We know that it can be hard to make your first Will, but you will find that it is a great relief and peace of mind knowing that your loved ones have been provided for. Making a Will does not take a long time to complete and there are advantages to making a Will, which include:
- It allows for your estate to be divided in accordance with your wishes and not according to the law.
- You can provide for individuals who need extra assistance e.g. for a child with special needs. You may need to appoint trustees and set up a discretionary trust in your Will.
- A Will gives parents the opportunity to set out very clearly who they want to look after their children under the age of 18, in the event that something should happen to both of them. A will is vital if you have children or dependants who may not be able to care for themselves in the event of something happening to both parents. A Will allows you to appoint guardians and trustees and removes any uncertainty about who will look after and provide for for your children.
- Choosing you executor is important. This is done by naming one or more executors in your Will. The role of the executor is to ensure that your wishes, as set out in your Will, are carried out.
- A correctly structured Will can take into account your loved ones circumstances and can have the added benefit of minimising tax liability.
Note: We sometimes have a mistaken belief that those who we leave behind can sort out things amongst themselves. You should not leave this to chance. If you don’t make a Will the rules of intestacy apply. This means your estate is distributed in accordance with the law and can often result in those who you wish to provided for being left out. When you have made your Will, there is nothing to prevent you from either selling your property or gifting your property during your lifetime. A Will only speaks from death.
It is important to keep your Will updated and to review your Will from time to time, as your circumstances can change and tax regimes often change.The information set out above is no substitute for specific advice about you personally and the best Will for you.
If you are thinking about making your Will and would like advise or simply to discuss the matter, please Contact Us to arrange a convenient appointment.