A Will is something that everyone should have, and yet only about a third of people have gone to the trouble of making one. Your Will is important because, when you die, your property and affairs need to be dealt with in a way in which you would want. It ensures that any specific intentions regarding the disposal of your home, money or possessions are carried out effectively after your death.
Many people assume that when they die, their next of kin (for example a husband, wife or child) will automatically receive the whole of their estate. This isn’t always the case. When someone dies without a Will, the laws of Intestacy will apply, and those rules govern who gets what regardless of the individual’s wishes. Even if you have relatively few assets to pass on, the only way to ensure they go to the desired parties is through your Will.
In this video Alex Rivers, our Head of Wills, discusses what can be said in a Will, the problems that may come with making one’s own Will, when a Will should be reviewed, how remarriage will affect the Will of the parties in question, and if a Will can save Inheritance Tax.
We usually advise people to review their Wills every three to five years. It is particularly important for people who have incorporated Trusts in their Wills, for Inheritance Tax planning, to review their Wills on a regular basis to take into account the changes in the law.
While not an exhaustive list, the following events should trigger a review of your Will:
An executor is the person who will be responsible for looking after your affairs when you die and you should, therefore, choose someone who you know and trust. In most cases, this is a husband/wife/child, but could also be a close friend or anyone you trust dearly.
If there is no one that you feel would be able to do this for you, then we would be pleased to act as your executor either alone or jointly with a friend or relative.
If you would like further advice on making a Will, including a free 30-minute Will Review Consultation, you can choose one of the following options:
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