WILLS

Why should I use a solicitor to prepare my Will?

Although it is possible to draft your own Will, it is always best to use a solicitor to ensure that all the legal formalities for a valid Will have been followed. There are also issues to consider which you may not have given thought to such as Inheritance Tax planning, making provision for family following divorce or remarriage or long-term financial planning.

I am getting married; do I need a Will?

Entering into marriage or a civil partnership usually revokes a previous Will and as a result you could find that you have no Will at all. In those circumstances the intestacy rules would apply, which may not reflect your wishes. Your Will can be prepared before you enter into marriage or a civil partnership, and carefully drafted so it will not be affected by your new circumstances.

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Do I need to make another Will if my marital status changes?

If you get divorced or dissolve your civil partnership your Will remains valid, but is read as if your former spouse had died before you. This would mean that any gift to them in your Will is revoked. However, if you are separated but not divorced this does not apply and your former partner could still inherit. It is therefore essential to review your Will and get advice following a separation.

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What about my children; can I make sure they are looked after in my Will?

If you have young children, it is wise to appoint a legal guardian in your Will to look after them if they are under 18 years old when you die. When one parent dies the surviving parent usually becomes the legal guardian, but you may die at the same time in or in close succession. You can make provision for this in your Will by appointing another member of your family or a close friend as a legal guardian so that you have peace of mind.

What about tax-efficient Wills?

Preparing a Will provides an opportunity to ensure that you are making the best use of available Inheritance Tax exemptions and reliefs, and tax planning opportunities.

We can help to make sure that your Will preserves as much of your wealth as possible for your family.

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What if I have property abroad or other foreign assets?

Many people own property or other assets abroad. The ease with which these assets can be dealt with by your family following your death depends on the type of asset you own and the country in which it is located.

To avoid unnecessary and lengthy administration, it is essential that you have prepared a Will and taken professional advice regarding the distribution and taxation of your worldwide estate.

How do I provide for a vulnerable beneficiary in my Will?

You may like to leave some or all of your estate to a family member who is unable to manage the financial responsibility of an inheritance. These concerns can be addressed by leaving the inheritance in trust, meaning that the money will be managed by trustees for the benefit of that family member.

The use of a trust in these circumstances can also preserve access to means-tested benefits and other services, and ensure their care package is unaffected by their inheritance.

There can also be tax advantages associated with the creation of a trust for a vulnerable beneficiary in particular circumstances.

The creation and administration of trusts is a complex area and we have specialist knowledge to help you make the right decision.

What happens if I die without making a Will?

Making a Will allows you to decide how your assets are distributed. If you choose not to make a Will, following your death your estate will be distributed in accordance with the intestacy rules which may not be as you would have wished. The way the rules apply to your estate depends upon which relatives outlive you. Even if you are married or in a civil partnership your partner may not necessarily inherit everything.