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Wills
It is alarming just how many people do not have a will. Perhaps even worse, is the number of people who know they have a will, but have never updated it and would be surprised how out of date it is.
Let us begin with the basic reasons for making a Will and keeping it up to date.
Your wishes fulfilled
You will need a Will to ensure that your money, property and other assets are distributed in accordance with your wishes, upon your death. If you do not make a will, the law decides who will receive all your assets in accordance with strict rules and who will administer your Estate. The rules may well be contrary to your own wishes and can cause unnecessary complications, delay and expense in the administration of your Estate.
Financial provision
Making a Will allows you to provide financially for you partner (married or unmarried), your immediate family, and others. You can also leave specific items from your Estate or sums of money to friends, relatives or charities.
Young children
If you have young children under 18, you should consider appointing guardians to look after them in the event of your death. An appointment in your Will could save family disputes and ensure that you wishes are carried out in the children's best interest.
You can also provide in your Will for money to be invested for your child or children and specify the age at which it will pass to them. You can dictate who should look after the money for your children rather than leaving it to the law to decide.
Inheritance Tax
You do not have to be wealthy to need a Will. With property values rising plus the value of life insurance policies, pension benefits etc., the value of your estate may quickly add up to a considerable sum, frequently far exceeding the Inheritance Tax threshold. At Hogans Solicitors when taking instructions for a Will we discuss with you the effects of Inheritance Tax on your Estate and provide advice on the form of Will likely to be most tax efficient for you.
Trusts and Insurance
The use of Trusts in your Will or in lifetime can save Inheritance Tax, particularly in conjunction with insurance policies. These can help to ensure so far as possible that your assets are maintained for your family. Our tax planning service can provide detailed advice in the case of more complicated Estates.
Executors
When making a Will, in order to ensure that your wishes are carried out and to safeguard your beneficiaries' inheritance, you will need not only to decide how to distribute your Estate but also whom to appoint as Executor to carry out your wishes. We can explain the duties of an Executor both to you and your chosen representative and provide guidance on the selection of a suitable person. If you wish, partners at Hogans Solicitors are able and willing to act as Executor either on their own or jointly with a family member or friend.
Advance Directives/Living Wills
In your Will you can set out your wishes for your funeral arrangements and the use of your organs for donation or research. In conjunction with your Will, we can advise on the contents of a Lasting Power of Attorney dealing with your personal affairs in which you can set out your wishes concerning medical care in the event of accident or illness. For more information, please refer to our section about Lasting Powers of Attorney.
When Wills are essential
Everyone should have a Will but there are certain circumstances where making a Will is essential. For example, unmarried partners (whether of the same sex or not,) do not have the same rights as married couples or civil partners and a Will is necessary to ensure that property passes as you would wish. Anyone contemplating separation or divorce should consider the need for a Will or amendments to an existing Will. Getting married also affects your existing Will and a new Will is needed. At Hogans we can discuss these situations with you and ensure that appropriate documents are prepared to put your wishes into effect.
Inexpensive
Making a Will, if relatively straightforward, is incredible value for money. Having your car serviced will usually cost more. Even if a more complicated Will is required, perhaps for tax reasons, the cost when compared with the likely savings for your family is modest. Any Will is likely to save your beneficiaries time and money. At Hogans Solicitors we always give accurate quotations when taking your instructions and our aim is to provide a confidential, professional and personal service at a reasonable cost.
10 GOOD REASONS TO MAKE A WILL
- Your possessions may not go to the people you would like to benefit from them:
If you do not make a will, the law applies 'Rules of Intestacy', which set down who will benefit from your Estate and in what order these benefits shall accrue. The rules may not do what you want or expect. - You may leave problems for infant children:
There may be disagreements over who should or should not look after children, and their money. In a Will, you can appoint guardians to look after them and Trustees to take care of their finances. - You may pay the government tax which could have been saved:
Despite recent increases in the Inheritance Tax threshold, and partly because of the increased value of property, it is always worthwhile considering Inheritance Tax Planning, at the time of making a Will. We will be happy to discuss this matter with you. - Your spouse and family could be forced to sell their home to pay out other beneficiaries or the tax man:
A carefully planned Will could avoid this. - Treasured possesions may have to be sold:
A Will can provide that items of monetary or sentimental value can go to people who can care for, appreciate and look after them. - If you are not married, your long term partner will not benefit from your estate:
The Rules of Intestacy do not recognise a 'common law' husband or wife or other partner although 'Civil Partners' are now included. In these circumstances a Will is essential. - Your estate may be left in the hands of those who are incapable or unwilling to sort it out:
In a Will you can appoint responsible people as your 'Executors' to organise things and deal with the paperwork. - Your Will can express your wishes with regard to your funeral arrangements:
Your wishes may not be known unless you write them down. Worse still, your loved ones, at a time of emotional turmoil, may be stressed further by having to guess what you really wanted. - If you have no family, your estate may revert to the crown:
This is a serious consideration for many people. Why should you benefit the government, when your favourite charity may be in need? - If you have married since making a Will, in most cases your old Will is automatically revoked with the new marriage:
This may not be what you want, especially if you have left property to children of a previous marriage. Similarly a Will should be re-drawn at the time of divorce even if re-marriage is not contemplated.
Perhaps the '11th' reason is to give yourself peace of mind. It is never too early to consider these difficult subjects, and a conversation with a specialist at Hogans Solicitors may be of great assistance.
