Making A Will

Posted on 9th December 2013 will-write

A Will is a written document in which you explain how you want your assets to be disposed of when you die. Anyone over the age of 18 who is mentally capable can make a Will. If you have any assets of a value, such as money in a bank account or a house, then you should make a Will in order to make sure they go to the people you would like them to go to after you die.

More reasons why you should make a Will

If you die without making a Will your house, savings and other possessions will be distributed according to strict rules of intestacy. You will also have no say in who administers your estate. These rules may not be in accordance with your wishes, especially if you are unmarried and living with a partner. Equally, if you are married or in a civil partnership, it is a common misconception that everything will pass to your spouse or civil partner when you die, but this is not always the case.

  • Do you wish to ensure that your estate is inherited by the people you choose?
  • Do you wish to leave a legacy to a friend or charity?
  • Do you wish your spouse/civil partner or unmarried partner to inherit your entire estate?
  • Do you wish to pass on your business or farm to people you choose?
  • Do you wish to choose the people (executors) who will be responsible for winding up all your affairs and implementing your wishes?
  • Do you wish to appoint guardians for your young children?
  • Do you wish to set up a trust?

By making a Will you:-

  • Will choose who you want to inherit your property.
  • Will be able to appoint guardians for your young children.
  • Will be able to appoint people you trust to administer your estate and look after your affairs when you die.
  • Will be able to leave legacies or specific items to family, friends or charities.
  • Will be able to make certain Inheritance Tax savings depending on the size of your estate.
  • Will be able to state whether you wish to be buried or cremated.
  • Will have peace of mind knowing that your loved ones will be provided and cared for, as you would wish, after your death.

If you already have a Will it is essential that you review this regularly, say at least every five years, to check that it still reflects your wishes

Are your children now adults? Would you now like to make them executors?

Are you now a grandparent? Do you wish to remember your grandchildren in your Will?

Has your marital status changed? If you have married since making your last Will it may now be automatically revoked.

Have any beneficiaries of your Will moved away, changed their circumstances or died?

Has the value of your assets increased sufficiently to exceed the threshold for Inheritance Tax?

If your current Will no longer indicates your wishes you may decide to make some minor amendments with a codicil or execute a new Will.

We will guide you through the entire process of making a Will from reviewing your assets, deciding on your executors and deciding who you want to provide for in your Will to the execution of the final document.

For further information please contact:
Helen Wingfield
h.wingfield@scott-fowler.co.uk