Are you holiday ready? Sun cream, Sun hat, Will?

 

Not a nice thought, but nobody has a crystal ball. 

 

Preparing your Will isn’t scary. It’s much scarier knowing that should you pass away, you have not put provisions in place for your nearest and dearest and therefore your estate would pass under the terms of the intestacy rules if you were to die without making a Will. 

 

The intestacy rules follow the bloodline and therefore the people that you would like to benefit from your estate may not do so if you do not make a Will to give effect to your wishes. Under the intestacy rules, family members that you have not seen for decades, or do not have a good relationship with may inherit your estate. 

 

The intestacy rules can be particularly problematic for unmarried couples. If you are cohabiting but are not married or in a civil partnership, it is essential that you have a Will in place to protect your partner. In the eyes of the law it is irrelevant how long you have been together, or whether you are “as good as married.” If you wish to leave any part of your estate to your partner, you need to have made a Will in which they are stated as a beneficiary. 

 

By making a Will, you are exercising your testamentary freedom to ensure that your estate passes to the people that you are closest to upon your death. You can leave your estate to whoever you wish. Perhaps you have a neighbour who has been good to you over the years and you know she’s always loved that clock you have on your mantelpiece. By making a Will, you are in control. You decide who your valuable and sentimental items are to pass to upon your death. 

 

In your Will you can choose who you wish to appoint as your executors and trustees which gives you control over who will be administering your estate upon your death, without making a Will, there is a risk that the administration of your estate will be left to someone who is disorganised, ill equipped for the task or in poor health. 

 

With the right wording, it is possible to futureproof your Will, so don’t delay because you are hoping for one more child. Your solicitor will be able to advise you on how any future children or grandchildren can be provided for in your Will, without the need to amend the Will each time the family grows. 

If your children are still young when you pass away, who will take care of them? In your Will you can appoint legal guardians for your children who are under the age of 18 when you pass away. This is the best thing you can do to ensure that your children will be happy and well looked after by people you trust in the event you were no longer here to care for them. You can choose family members or close friends that your children have a good relationship with, you can appoint people whose values are similar to yours in terms of education etc to provide as far as possible that your children will be brought up the way that you would want them to be. 

 

It is recommended that you review your Will periodically as to ensure that it still reflects your current wishes and circumstances, as well as ensuring it is as tax efficient as possible. Inheritance tax legislation can change so it is always recommended to seek the advice of a solicitor in respect of Wills and inheritance tax. 

 

So before you jet off to make more happy memories with your loved ones, give us a call on 01423 564551 and speak to a member of the Private Client team who will be happy to assist you with the preparation of your Will, and to answer any questions you may have.