By making a Will, you will take control of your finances and ensure your loved ones are provided for in the future
If you die without making a Will, your money, property and possessions will be distributed according to law and not necessarily in accordance with your wishes. In particular, and importantly, it is a common misconception that a spouse will inherit an estate in full upon the death of their husband or wife. If you are married with children, and your estate is worth more than £250,000, then this may not be the case, and your children may also be entitled to a share of your estate. This is very worrying and sadly in such circumstances, it has been known for surviving spouses to lose their home as a result of intestacy (intestacy occurs where you die without having made a valid Will).
Why Make a Will?
Making a Will could be one of the most important things you ever do. Doing so enables you to appoint someone to deal with the practicalities of administering your estate, known as your executor; this could be your spouse, another relative, a friend or a professional executor. We will advise you as to whom it may be most appropriate to appoint for this role.
Making a Will also allows you to provide for those people who would not automatically inherit your estate upon your death. If you have a partner, but you are unmarried, then it is important to make sure your partner is financially protected in your Will; a surviving partner inherits nothing under intestacy and could lose their home as a result.
If you have young children, your Will can give guidance on who you would wish to take on the role of guardian. A Will can also provide for vulnerable or disabled beneficiaries, by ensuring an adequate trust is set up for them. Similarly, if you have children from a previous relationship, you may want to include additional provisions within your Will to protect your assets for your children in the future.
We will also provide advice about inheritance tax and offer guidance on your options for mitigating your inheritance tax liability.
What’s involved in making a Will?
Your will is an important document, which must be properly drafted to ensure your wishes are carried out.
We can make an appointment for you to see a solicitor at our office or alternatively we are able to visit you at home or in hospital, if required. During the meeting we will discuss your requirements and provide in-depth legal advice as to your options on the appointment of executors and guardians, making of gifts and the distribution of your residuary estate. We will discuss your financial situation and assets, so that we can properly advise on your tax position and consider any trust options that may be relevant to you.
After the meeting, we will prepare a draft Will for your approval before organising to see you again to sign your Will. It is important that your Will is properly signed in the presence of two appropriate witnesses to be valid, and we will arrange this for you.
We can store your Will in safe custody on your behalf completely free of charge.
Please contact Amy Ellis by email at AmyE@carpenterssolicitors.co.uk or by telephone on 020 8669 5145 for further information.
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