Every adult needs a Will.

A Will is a legal document that sets out how your estate is to be dealt with in the event of your death. Many people feel that Wills simply identify the beneficiaries who are to receive your assets when you die. Whilst Wills can indeed identify the people who can benefit from your estate, planning has become more advanced. The preparation of a Will, tailored to your personal circumstances can have a much wider impact on your loved ones if prepared carefully with specialist advice.

Whilst Wills commonly incorporate Inheritance Tax and care fee mitigation, Wills can be used to provide protection of assets for vulnerable or disabled beneficiaries, beneficiaries who are in receipt of means tested benefits and need this protecting, complex family circumstances or blended families, beneficiaries who are facing divorce or bankruptcy, and most importantly, appointing the people that you would choose to care for any of your minor children should you die before they reached the age of 18.

By putting a Will in place, you ensure that your wishes are clearly identified, legally enforceable, and that the people who control your estate when you die and the ones who benefit from it are all the people you have chosen.

If you die without a Will, the law governs who receives your estate, and this often does not protect the ones you love, this is especially true for unmarried partners.

FAQ’s

Having a Will enables you to set out your wishes as to the following:

  • Appoint people of your choosing to be your Executors;
  • Identify your funeral wishes;
  • Appoint Guardians for your minor children;
  • If you are due to marry, include a provision that your Will is not revoked upon your subsequent marriage;
  • Identify who will look after any family pets;
  • Include gifts of money to individuals/ charities;
  • Include gifts of personal possession that may be of value or sentiment;
  • Identify who shall receive your digital assets;
  • Identify the beneficiaries and in what shares;
  • Incorporate trusts for children;
  • Incorporate trusts, such as property protection trusts, disabled/ vulnerable persons trusts, life interest trusts, and discretionary trusts; and
  • Incorporate planning for businesses or agricultural assets.

The Intestacy rules are the rules set out by law that govern who will receive your estate if you die intestate (without leaving a Will). There is a strict order of priority based upon your family circumstances. Sometimes, this can mean that people benefit from your estate that you never intended to benefit. People are often mistaken about the intestacy rules and how they work, and under the intestacy rules, all beneficiaries inherit at the age of 18.

By having a Will in place, you set out exactly who will benefit from your estate, not leaving it to chance.

The common law marriage is the term used to identify cohabiting partners. England and Wales do not recognise a common law marriage, no matter how long you have lived together, or how many children you may have. In order for you to be treated as a spouse under the Intestacy rules for the purposes of succession/ inheritance laws, and also to be recognised as a spouse for Inheritance Tax purposes, you need to be married, and that marriage must be legally recognised in England & Wales.

Unmarried couples have fewer rights and protection than married couples due to the lack of legal recognition of the relationship. If you are cohabiting, it is important that you put a Will in place to ensure that your partner is protected when you die.

If you have explained your wishes to your family and do not have a Will, your wishes are not legally binding. Your family can decide whether to give effect to those if they decide. In more complex circumstances, even if your family intend to give effect to your wishes, it may be that they are unable to do so due to factors outside of their control, whether that be due to age restrictions of beneficiaries, loss of capacity of a beneficiary, your estate being received by a beneficiary who is divorcing their spouse or in financial difficulty, or if a beneficiary I on means tested benefits or in view of care.

A will ensures your wishes are followed, reduces uncertainty and helps prevent disputes at an already difficult time for your family.

If you have not made a Will you should make one now. We tend to think that we can make Wills when we get older but we never know when our time will end. Making your Will provide specie of mind that you have clearly set your wishes for when you die.
If you already have a Will, you should review it every 2 – 5 years. If you are unsure if it represents your wishes, please feel free to get in touch.

You should review your Will whenever there is a life event such as the following:

  • Family births;
  • Family deaths;
  • If you are starting or considering closing a business, it is important that you seek advice before closing a business, as there are tax mitigation opportunities;
  • If you are getting married;
  • If you are separating from your partner or divorcing your spouse;
  • If you have acquired agricultural assets or land;
  • If you have acquired assets/ property;
  • If there are any changes in law that you are aware of; or
  • If you have experienced a significant change in your financial circumstances.

With Will disputes on the rise, and taxation of estates becoming more complex, you must seek professional advice from an expert solicitor who is regulated when preparing your Will. We regularly deal with complications in estates where people have died having made a DIY Will, or even more commonly, a Will prepared by an unregulated and unqualified Will writer, and often those mistakes are extremely costly, give rise to disputes and do not reflect the wishes or intentions of the deceased.

Speak to Charlotte About Your Will

Preparing a Will is one of the most important steps you can take to protect your loved ones and provide certainty for the future.

Get in touch today to arrange a no-obligation, informal discussion and take the first step towards securing peace of mind for you and your family.

Schedule appointment

If you would like a no obligation, informal discussion about your Will, please get in touch