Why make a Will?
It's difficult to think about making plans for after our death, after all, death is a very uncomfortable subject to talk about, but can be even more difficult for those left behind.
One thing everyone wants however is to ensure that our money is taken care of and our loved ones protected and provided for. You can only do this with a professionally prepared Will.
Forward planning can help ease your fears. Making a Will means that all the necessary procedures are put in place to ensure your instructions are carried out smoothly and surviving family and friends are provided for according to your wishes.
We can provide the expert advice you need whether you want to make your first Will, a new one or set up a Trust. A Will allows you to structure your estate to give maximum benefit to your family.
To help you understand the benefits of a Will, here are a few of our most recently asked questions.
Can my children inherit if they are under 18?
Children cannot inherit until they have turned 18; below this age the inheritance is
held in a Trust Fund. If you think 18 is too young, you can specify an age within your Will, meaning they will not receive the capital sum until then.
They will, however, be entitled to receive an income from the Trust Fund as soon as they reach 18.
Can I make my own Will?
Yes you can, but there are significant risks in doing so. A Will that is not prepared using correct procedures can be rendered invalid and a Will which is not clear under the law can be challenged.
We have all the required expertise to prepare a Will you can rely on. It is common for people to overlook the obvious and unforeseen changes in circumstances when making their own Will.
What happens if I get married, divorced, enter into a civil-partnership or just live with my partner?
In today's world, complex family situations are the norm, rather than the exception.
Every adult in a relationship should have a Will.
If your relationship circumstances change any existing Will may not be legally binding.
Not having a Will might result in your partner or children losing their rightful inheritance and having to sell the family home to pay taxes.
Who should I appoint to look after my estate after my death?
You appoint an Executor who should be someone you trust and who is impartial. Your executor will ensure that all of the instructions contained within your Will are carried out.
It is wise to appoint a solicitor alongside a friend or relative as this enables the burden of responsibility to be shared with a professional who can offer expert advice and act for your estate if a problem arises.
Can I change my Will?
Yes - if your circumstances change you will need to change your will. It is also advisable to at least review the suitability of your Will every five years. The Dures Partnership will help with any necessary amendments and ensure that your Will continues to be kept up to date and reflect your wishes.
Do I need to nominate a guardian for my children?
No, you don't have to, but a Will is probably the most appropriate place to do so. Without nominated guardians the courts would decide who will look after your children - this is especially important in families where the parents are unmarried, separated or divorced.
Will I have to pay inheritance tax?
Yes - if your estate is currently worth over £312,000 as an individual or £624,000 for a couple. The current rate is 40% on the surplus and this is paid to the Government. Remember the value of your home is included in your estate.
Preparing a Will ensures you minimise the amount of tax to be paid by your loved ones. There are many ways of reducing the amount to be paid, such as leaving money in Trust for children or leaving tax free donations to charity.
Do I need a Will if my estate is not worth as much?
Yes - everyone's affairs need to be dealt with after they die and most people will have assets and possessions that they will want to go to someone of their choice. A Will avoids arguments amongst family and friends and ensures your children are looked after as you want them to be.
So what comes next?
Take the first step towards removing the worry about looking after your loved ones after your death - it will happen to all of us so putting your affairs in order is the sensible thing to do before it is too late.
The first step is simple - just call or email our Will department now on:
T: 0151 229 1006
E: wills@tdpsolicitors.co.uk
After that we will explain how little worry, stress and hassle there is in making your Will.
