With many of us currently at home due to COVID-19, it is inevitable that we start to think about our families and loved ones and ask how well we are prepared for our futures. You may already have a Will and wish to review it or perhaps you haven’t yet got around to making one yet.
Our advice is that everyone should have a Will, no matter their age or circumstance. Especially at a time like this, it is important we all feel secure in the knowledge that our families will be suitably provided for when the time comes and making a Will ensures our property and belongings pass on in the way we want.
While the primary purpose of a Will is to ensure your estate reaches the right people, having a Will can also enable you to protect your estate in certain ways and when used with trusts can also help with planning for the possibility of an eventual need for residential care. A will can also help with inheritance tax planning.
Even though our doors are closed at the moment our Solicitors are still here to help you plan for your future by preparing your Will and providing advice. We have stringent covid protocols in place which allow us to meet safely with clients in our library when the time comes to sign your will or if your circumstance are a little more complex than most and warrant a more in depth discussion. Even if you are self-isolating, we can take instructions from you online or by way of telephone consultation.
In support of our chosen charity this year; Cancer Research, for every Will completed we will donate £25 to the charity and the firm will match the level of donations made at the end of the year.
Below we have set out some of the things you need to consider when thinking about making your will.
Why it is important to make a will?
It is important for you to make a will whether or not you consider you have many possessions or much money. It is important to make a will because:
- if you die without a will, there are certain rules which dictate how the money, property or possessions should be allocated. This may not be the way that you would have wished your money and possessions to be distributed.
- unmarried partners and partners who have not registered a civil partnership cannot inherit from each other unless there is a will, so the death of one partner may create serious financial problems for the remaining partner.
- if you have children, you will need to make a will so that arrangements for the children can be made if either one or both parents die.
- it may be possible to reduce the amount of tax payable on the inheritance if advice is taken in advance and a will is made.
- if your circumstances have changed, it is important that you make a will or update it to ensure that your money and possessions are distributed according to your wishes. For example, if you have separated and your ex-partner now lives with someone else, you may want to change your will. If you are married or enter into a registered civil partnership, this will make any previous will you have made invalid.
Why is it particularly advisable to use a solicitor?
There are some circumstances when it is particularly advisable to use a solicitor. These are where:
- you share a property with someone who is not your husband, wife or civil partner.
- you wish to make provision for a dependant who is unable to care for themselves. Trusts can also be a very useful vehicle in these circumstances.
- there are several family members who may make a claim on the will, for example, a second wife or children from a first marriage.
- there is a business involved.
In addition, it is important to use a solicitor for the following reasons:
- you need to be aware of the formal requirements needed to make a will legally valid.
- you need to take account of the possibility that a beneficiary may die before the person making the will.
- being unaware of the effect of marriage, a registered civil partnership, divorce or dissolution of a civil partnership on a will
- being unaware of the rules which exist to enable dependants to claim from the estate if they believe they are not adequately provided for. These rules mean that the provisions in the will could be overturned.
- your solicitor can also advise on the use of trusts to protect assets for vulnerable or disabled family members and on the best way to plan for the eventuality of needing residential care in the future.
What should be included in a will?
To save time and reduce costs when going to your solicitor, you should give some thought to the major points which you want included in your will. You should consider such things as:
- how much money and what property and possessions you have, for example, property, savings, occupational and personal pensions, insurance policies, bank and building society accounts, shares.
- who you want to benefit from your will? You should make a list of all the people to whom you wish to leave money or possessions. These people are known as beneficiaries. You also need to consider whether you wish to leave any money to charity.
- who should look after any children under the age of 18?
- who is going to sort out the estate and carry out your wishes as set out in the will? These people are known as your executors.
