Many of us shy away from making a Will, for some it can seem rather a depressing topic and for others they may think that they do not have enough assets to justify making a Will or that, "everything will just go to my family anyway".
The reality is that in this day and age many people own their own home, have insurance policies, shares and several bank and building society accounts. It could therefore be seen as foolish not to make formal and adequate arrangements for your assets. Another factor to consider is that for many people nowadays their family unit can include step children and can be a second or third marriage. If you are not married to your partner, then the need for a will is even greater. In this scenario it is sensible to ensure that Wills are drawn up to ensure a fair division of assets on death, otherwise your desired beneficiaries could be left out completely.
So where do you begin? Firstly you need to think about who to appoint as your executor(s). You need to choose people that you can trust and rely upon, as the administration of an estate is a responsible job and can be complicated, depending on the circumstances. It they are the same age as you, then you ought to have alternatives, in the event that they have predeceased you, or are no longer capable at the time of your death. Contrary to popular belief, your executors can be the same people as your beneficiaries. If you have minor children then you will also need to think about appointing guardians. This can be a tough decision however, it is worth taking the time to have the discussion with your spouse or partner and choose the family members or friends, who you would both want to appoint. You also need to consider the extent of your assets, how you hold the property, whether there will be an inheritance tax liability and whether you want to leave any specific or charitable legacies.
If you have a situation where you have children from a previous relationship and now own a property jointly with your new spouse or partner, you will need to consider how the property is divided on death, in order to benefit both your spouse and your children. This may include altering the way in which you own the property, to facilitate this.
Many people believe that it is straight forward to write their own Will, or buy a 'Do It Yourself' kit from the high street. However this could be a real false economy. If you fail to have the document properly witnessed, it will not be valid, if you do not phrase something properly you could give it a meaning other than you intended or leave a partial intestacy, we see many examples of this with 'home- made' Wills.
All of these issues require some real thought and ideally the advice of a solicitor, who will be able to guide you through the process and help you make the right decisions, based on their experience and knowledge, as well as updating you with current IHT (Inheritance Tax) legislation and gifting rules. If you feel that you would like to speak to someone about making a Will or altering an existing Will then one of the Wake Smith probate team would be more than happy to assist you.
Contact us on 0114 266 6660; alternatively you can email Louise Rudkin at l[email protected].
