Wills

Why do so many people put off making a will?
It may seem like an unpleasant task, but designating a little time for making a will could prevent many problems for loved-ones in the future.

The Benefits

If you die without a will (in testate), you could cause a great deal of stress for the family you leave behind. For example, after loans are paid off, your remaining assets may not go to your current spouse, if you have no children, many people other than your spouse could claim much of your assets. If you die single and with no children, your money and possessions could ultimately go to the state.

Making a Will

It is recommended that a solicitor be paid to draw up a will for you and if you wish we could arrange this for you– especially if it is likely to be intricate. This will typically cost about £200. If you are over 70 years old or have financial difficulties, you may even qualify for Legal Aid.

You can also draw up a will yourself, but be careful: you will need at least 2 independent witnesses to sign it at the same time. A witness cannot be a beneficiary of the will, nor can they be the spouse of anyone mentioned in the will. An executor – the person responsible for dividing up the estate as written in the will – will also need to be appointed. In the event that an executor is not specified, the state will appoint a solicitor to select one, for a fee. It is permissible to have more than one executor.

It is important to be as precise and specific as possible in your will, both in terms of names and relationships of beneficiaries and the details of the items being left to them.

Changing Your Will

It is possible that your circumstances will change at some point after you have made your will. If this is the case, then your will should be altered without delay, if necessary. A simple example of this is that you get married after your will has been made.

Any significant alterations may require a new will to be drawn up. However, minor alterations (codicils) can be added to the existing will, although they should never be made to the existing document. 2 witnesses must witness any alterations; they need not be the same people who witnessed the original will.

This Inheritance Tax Calculator will help you work out any potential IHT payments. Please contact us if you would like to speak to someone in person about IHT.