People often do not like to think or talk about death, especially their own. However, it is important to encourage these conversations and for you and those surrounding you to understand your wishes once you have passed.
A Will offers you the opportunity to have control over what happens after your lifetime as you will not be able to have your say. Your Will allows you to express your wishes but more importantly, to have control over what will happen with your home, personal possessions, money and other assets you own after your death. If a person passes away without a Will their estate will be distributed in line with the Intestacy Rules which may not reflect their wishes.
A Will also offers you the opportunity to ensure that your loved ones are cared for after your lifetime. Those who have children under the age of 18 should make a Will to appoint a guardian to ensure that their children are cared for by the person they trust. The risk of not having a Will that appoints a guardian is that it could lead to potential family disputes and the courts having the power to decide who will care for your children. In extreme circumstances this could result in your children being placed in care as the court may not always decide that a family member should be a guardian. It is important to discuss this with the person you wish to appoint to ensure that they are happy with your decision. However, if the guardian you have appointed is unable to care for your children, they will have the ability to appoint another guardian that they trust.
Having children is not the only reason to make a Will; even people who do not have children should make a Will to protect their assets. Your Will allows you to leave your estate to anyone of your choice, including relatives, friends, colleagues or even charities that you have supported throughout your life. The risk of not having a Will and your estate being administered in line with the intestacy rules is that if family members cannot be traced by the courts, your estate could potentially become ‘’Bona Vacantia’’ which means that your money will go to the Government.
Having a Will can also protect your assets from previous marriages as after a divorce, under the intestacy rules your ex-spouse could potentially claim against your estate.
What to consider when making a Will?
There are various factors to consider when making a Will.
- You will need to consider who to appoint as your Executor. This is the person (or persons) who will carry out your wishes, administer your estate and ensure that your beneficiaries (the people entitled to assets/money under your Will) receive what they are entitled to. Is it important that you appoint someone you trust to take this role and ensure your wishes are carried out.
- If you leave anything to a minor in your Will, you will need to consider the appointment of Trustees to hold any assets on trust for the minor until they reach the age you have chosen for them to inherit (they have to be 18 or over).
- You should consider whether you want to leave specific gifts of personal possessions or cash funds to certain individuals. You should also consider who will receive your “residuary estate” (the rest of the assets you own after any specific items have been issued). We can help you make a decision about this, and advise you of any risks associated with the division of your estate.
A solicitor can help you to ensure that you Will is legally valid and provide expert advice based on your own personal circumstances.
If you wish you make a Will, please contact our offices to make an appointment to discuss your Will.