Things to consider when making a Will

Why make a will?

People who do not have Wills die 'intestate' and the Law will decide who inherits their property. Without a Will:

1. Your spouse will not necessarily inherit your entire estate;
2. Some of your estate could pass direct to your children adversely affecting the inheritance tax position for your surviving spouse;
3. Your children would receive their inheritance at age 18. Would they be old enough to manage this?
4. If your children are under 18 you would not have the choice of who looks after your assets on their behalf;
5. If you are not married and do not have any children your estate will be divided up between your remaining relatives, such as parents, brothers and sisters, aunts and uncles;
6. If your marriage has failed, but your divorce is not finalized, your former spouse could still automatically benefit from your estate;
7. Having a Will is the only way to ensure that the people you choose deal with your affairs and inherit your estate;
8. If your estate exceeds the inheritance tax threshold there could be tax to pay on assets that do not pass to your spouse;
9. With careful planning it is possible to protect part of your property against local authority means testing assessment in the event of you requiring long term residential or nursing care;
10. Your family may need to pay professionals to sort out the mess. Their fees could be such that they actually benefit financially more than your family does.

Who needs a will?

Putting it simply everybody needs a Will.

For a Will to be legal, the person making the Will (the testator) must be over the age of 18, the Will must be in writing and must be signed by the testator in the presence of two independent witnesses who also need to sign in the presence of each other and in the presence of the testator.

A Will needs to be written in such a way so that people reading it are clear about your intentions and your wishes are beyond doubt.

If you have specific wishes about who should deal with your affairs and who should benefit from your hard work, writing a will is the only way to ensure that this happens.

When should you consider writing or reviewing your will?

As soon as you have any assets that you want to ensure go to your chosen beneficiaries.

Whenever your circumstances change :

• When you get married or enter into a civil partnership
• When you move house
• When you have children
• When your children get married and have children of their own
• If you separate from your partner
• If you inherit from relatives or friends

Some legal terms that may be used when drafting your Will:

• Beneficiaries - The people or organisations who will receive something from your Will
• Bequest - A gift of money or item(s) of your property which you leave to someone in your Will
• Estate - Everything that belongs to you at the time of your death
• Executor - The person(s) you appoint to carry out your wishes as stated in your Will
• Guardian - The person(s) you appoint to look after your children if they are under the age of 18 at the time of your death
• Intestate - The term used when a person dies without leaving a Will
• Legacy - A gift of money or item(s) of your property which you leave to someone in your Will
• Probate - The process where your Will is legally validated. Your Executor(s) need to obtain a grant of probate before they can distribute your estate as you have instructed
• Residue - The remainder of your estate after all debts, taxes, expenses and specific gifts have been paid
• Trustee - A person(s) who is appointed by you to look after assets on behalf of certain beneficiaries (usually children)
• Witnesses - The people who are present when you sign your Will, they will have to see you sign your Will and must sign in your presence to this effect. They must not be anybody who is named in the Will as an executor, trustee or beneficiary nor can they be married to anybody named in the Will