Why Make a Will?
It is important to point out that everybody’s circumstances are different and may not reflect your wishes. This highlights the importance of writing a Will. Dying without a Will in England & Wales is known as dying “intestate”. This is administered in accordance with the rules of intestacy, and the distribution of your estate will lie according to these rules. Having your affairs in order for you and your family before you pass not only gives you the peace of mind, but it also allows you to review what may happen to your estate without a Will in place. Writing a Will through Legacy Wills & Estate Planning will also give you the opportunity to understand any potential threats that may be made on your estate, identified by our professional Will & Estate Planning Consultants. Subjects such as inheritance tax, probate costs and the role of a Trust are all things that can be discussed with Legacy Wills & Estate Planning, giving you that further peace of mind.
Making a Will gives you control over how your estate will be distributed after you pass. There are many ways in which you can provide for your loved ones through a Will, and ensure that those you care about most have a share in your estate. You can also leave specific gifts to whomever you wish, along with leaving any charitable donations. The biggest benefit we find our clients experience through making a Will is the knowledge that their affairs are in order and that should the worst happen, they can rest assured that everything is taken care of appropriately.
Our Bespoke Wills Service
Our dedicated Will & Estate Planning Consultants will guide you through estate planning and will also highlight any implications or attacks that may happen on your estate and advise where necessary to help you to protect your estate. We take into account your own personal and financial situation, as well as any business or family circumstances that require consideration for the purposes of a Will. Our service is truly bespoke, tailored to each individual, and completely confidential, and we are passionate about ensuring every wish for your family’s future is taken care of, however large or small.
Who Should I Appoint as Executor?
The role of an executor can be difficult and involves a considerable amount of responsibility. The legal responsibility falls on the executor to gather in all the assets on the estate; keep accounts of any outgoings or income on the estate, pay out debts and funeral expenses and distribute the estate in accordance with the terms of your Will. Due to this, choosing the right person as an executor is a very important part of the Will making process. At Legacy Wills & Estate Planning we recommended that you appoint a professional executor, who are familiar with the tasks involved, to administer your estate, alongside a family member or close friend, the choice is entirely up to you.
Appointing a Guardian
If you have purchased a Foundation Will and you have children under the age of eighteen, it is highly recommended you appoint guardians in your Will in the event that you die before they reach maturity. Failure to do so will mean that the court will appoint guardians for your children. These appointed guardians may not be who you have in mind, so it is a worthwhile consideration and one that will give you peace of mind for your family. It is a good idea to speak to whomever you would like to be guardian before writing this is in your Will however, to ensure they are happy to take on such a huge responsibility. After all, they could be responsible for the daily care of your children, as well as being decision makers on their upbringing, education, health, and welfare.
Providing for Children & Adults with a Disability
Making provisions for children or adults with a disability in your Will may take some consideration. For example, if you do not wish your child to inherit their share of the estate immediately, setting up a Trust for your child could be an option to consider. For adults with special needs, you may want to consider setting up a Trust so that they receive income on a regular basis, rather than a lump sum amount. For full details on setting up trusts, go to our Trust Wills.