Your Will

Writing a will is in fact a priority for everyone; however it is estimated 75% of the UK population dies without leaving a will in place and this leads to extra costs for family left behind and the government will then decide how to allocate your assets.

There are a number of factors which must be considered when writing your will; we have outlined some of these for you below for consideration:

You the Testator should choose the Executors and Trustees. They could in fact be the same person as the roles involved are closely linked with each other. It would be normal for a married couple to choose each other to act as the Executor and Trustee, perhaps working in conjunction with another relative.
It is a common misconception that beneficiaries cannot act as Executors and Trustees for them. Anyone can act in these roles as long as the persons you are looking to appoint are over the age of eighteen years.
Families with children under the age of eighteen years must consider who they wish to act as Guardians for them. It is wise to consult with the persons that you have in mind for this role before you appoint them.
In your will it is possible to bequest gifts of money (pecuniary legacies) and specific items of personal belongings (specific gifts) to whomever you wish. Friends, family and charitable organisations can all be given bequests in the Will.
Once the gifts of money and specific bequests have been distributed, you are left with what is known as the residue of your Estate. This would normally be passed to the surviving spouse on your death and, if no surviving spouse, then to your children. Peoples’ circumstances are often more complicated than this, so good advice is essential.
In your Will you would also select your funeral arrangements and advise any special requests you may have.
In recent years many have been concerned by the Community Care Act and the effects this is having on the Estates of elderly people all over the country. If we plan ahead we can help to mitigate this very worrying problem and set up a special Trust within the Will.
For those who have the worry of a possible Inheritance Tax Bill, again, by planning ahead we can set up a Discretionary Trust within the Will to help mitigate this problem.
Please contact us to discuss the factors above further or to request an information pack on 01772 286442.