Have you made a Will?
If you do not make a Will your ‘estate’ – normally all of your investments, property, cash & personal belongings - will pass to your next-of-kin (if you have any) according to the law governing intestacy. This does not mean your estate will necessarily all go to your spouse (if applicable) or those beneficiaries you would want to inherit.
It is therefore very important to write a Will in order to ensure that those people you care about are protected and that your wishes are carried out.
A Will can also deal with other important decisions:
- You can appoint the person or people you would want to be responsible for dealing with the administration of your estate and obtaining probate - your ‘Executors’. Up to four Executors can act (although you do not necessarily need this many) and they can be family, friends or professional advisors.
- You can also appoint Guardians to take personal care of your children whilst they are under 18 and Trustees to manage any share of your estate that passes to them or any other minor until they attain their majority.
- You can decide at what age your children or other beneficiaries should inherit from your estate. The general law specifies 18, but many people feel happier if they know that their children will not have control of what could be very large amounts of money until they are 21 or even 25.
- A Will can also minimise the amount of Inheritance Tax which may be due on the value of your estate and incorporate trusts to preserve assets or avoid detrimentally affecting any beneficiary’s income (if required).
We would be happy to assist you in setting up or reviewing your Will and offer competitive fixed fees for this service. If you would like to discuss further then please do not hesitate to get in touch.