Why you need a Will and what it does?

Why make a Will?

Making a Will is valuable regardless of your age. This is your opportunity to share and formalise your wishes. If you don’t have a Will on your death your belongings will pass by rules of intestacy, which may not be a reflection of your wishes.

Will terminology

• Executors – these are people you appoint to be responsible to deal with your estate. It is ideal to have at least two people, in case one dies or loses capacity. You can also appoint professional executors such as the partners of Woodfines LLP if this suits your circumstances.
• Beneficiaries – these are the people you want to benefit from your estate.
• Legacies – is the term used to describe gifts to be made.
• Residuary estate – this is the balance of the estate after tax, liabilities and legacies are paid.

Matters you can consider including in your Will:

• Distribution of your assets and make legacies – this is not limited to property and money but also personal items such as jewellery, vehicles and items valuable to you.
• Measures to protect your loves ones – you can appoint guardians to look after your young children and set up trusts to deal with assets.  You can make provisions for your partner to reside in your family home even when you die.
• Loved causes – you can leave legacies to your chosen charity. There are also inheritance tax benefits doing this.
• Preferred method of funeral – you can state if you want to be cremated and where your ashes are to be scattered.  If you want to be buried, you can leave your wishes as to where you would like to be buried.

When you should change/review your Will?

It is recommended as a minimum to review your Will every 5 years. It is important to update your Will following changes to your circumstances, here are some examples:

• changes to relationships such as marriage/civil partnership or divorce. Marriage automatically revokes any existing Will you may have, unless your Will is made in contemplation of that marriage/civil partnership,
• the birth or loss of a child or grandchildren,
• changes to your assets, such as receipt of an inheritance or redundancy,
• the loss of a close relative or friend particularly if they are referred to in your current Will.

Do you need a Solicitor?

You do not need a solicitor to make your Will but here are some of the benefits of doing so:

• Solicitors are aware of the terminology and formalities required to make a valid Will and provide additional clauses based on your circumstances. This will help to avoid disputes and misunderstandings.
• Solicitors can consider wider circumstances such as advise you when you may want to set up a trust or get lasting power of attorney (LPA).
• Solicitors can be your executor, this may be a benefit depending on your circumstances. Such as you may not have persons to appoint as executors, due to breakdowns in relationships, their capacity or your preference to not involve them.

If you would like to make a Will or change your current Will please contact our friendly Wills, Probate & Lifetime Planning team to make an appointment.