Everyone should make a Will. None of us know what the future holds and so, whatever your age, it can be sensible to plan for what will happen to your assets after your death.

We work with clients from all walks of life, helping them create protective, tax efficient Wills and ultimately guide them through the process to ensure that upon signing their Wills they have complete ‘Peace of Mind’.

What’s most appropriate for you Will very much depend on your family arrangements, the age, skills and situation of your beneficiaries, the type and structure of your assets, and your wishes about how and when your loved ones should receive their inheritance.

Whether you want to ensure your family are provided for, appoint guardians for your children, reward friendships or ensure that your assets pass to particular people such as a charity, making a Will can provide peace of mind and prevent legal problems for your family later on.

While considering your goals, we can also help you manage any family discord, challenging beneficiaries, capacity or influence issues.

We can advise on a range of Will solutions that create protective structures – incorporating trust structures (with the right trustees) where appropriate to manage asset division between different family members (often spouses/partners and adult children).

Around 60% of adults die without leaving a valid Will and take their chances that the intestacy rules will match what they would like to happen to their estate. Many people misunderstand what will happen if they die without making a Will. If you are co-habiting (and not married), have a second family, business assets or a taxable estate, a Will is essential planning so any decision not to make a Will is an informed one.

Dying intestate (i.e. dying without a Will) may also mean that more tax is paid on your death than would have been the case had there been a Will. Will disputes following your death may also be avoided through a carefully drafted Will. The costs of litigation in Will disputes can go into tens of thousands of pounds and it is therefore essential that a Will is put in place to reduce as much as possible the risks of litigation following your death.

REASONS TO MAKE A WILL

Choose the beneficiaries of your estate

Without a Will, inadequate provision may be made from your estate for your intended beneficiaries under the Intestacy rules (see separate information guide). Although it is often assumed that a spouse or civil partner will inherit everything in the absence of a Will, this is not the case where there are other surviving close relatives. In addition, a cohabitee will not benefit under the intestacy rules at all (even if he or she is a long-term partner); nor will charities.

Minimise inheritance tax

Everyone has an inheritance tax (IHT) nil-rate band (currently £325,000) and assets falling within this band may be left tax-free on death. In addition, gifts to particular people (e.g. spouses) and gifts of certain types of assets (e.g. business property) may qualify for IHT relief. By making a Will you can arrange the distribution of your estate to maximise the benefit of any applicable exemptions and reliefs.

Taking care of your pets

People often worry about what will happen to their much-loved pets if they were to die. You can stipulate in your Will who you want to look after your pets and any allowances you want to make available for their care and upkeep.

Make provision for your funeral arrangements

Some people may have particular wishes as to their funeral and making a Will provides a good opportunity to record these.

Select your executors

Your executors have a vital role in the administration of your estate. In addition, they may act as trustees where assets are left on trust by your Will. By making a Will you have the opportunity to select the most appropriate people to fulfil these tasks and reduce the risk of conflicts arising.

Appoint guardians for your children

If you have children under 18 it is advisable to appoint guardians for them should both you and their other parent die while they are still young. If you haven’t named guardians in your Will, the decision about who will care for your children could end up being made by a court.

You may avoid family disputes

As mentioned above, without a Will your estate will be divided up and distributed according to the Intestacy rules. The distribution is based on how closely they are related to you, with no weight given to the quality of the relationship you had with them. As a result, a relative who you haven’t spoken to for years may receive the same amount as a relative who has helped to care for you on a daily basis. Situations like this can cause friction between family members, and can easily be avoided by preparing a Will.

Leaving donations to a charity or favourite political party

Many people choose to leave some of their wealth to a nominated charity when they die. This can have two benefits: supporting a good cause and potentially reducing the amount of IHT paid by your family if you leave more than 10% of your assets to a qualifying charity.

Protect your estate

You can protect your estate from potential claims in the event of a beneficiary’s bankruptcy or divorce, or if he or she requires paid care, by providing in your Will for his or her inheritance to be held in trust. A trust may also be appropriate if you wish assets to pass down to particular people after the death of the initial beneficiary.

Minimise administration costs and delay

Making a Will can help avoid the expense and delay which may result from an application of the Intestacy rules.

Review of Will

Finally, once you have made a Will, it is important that it is reviewed regularly to take account of changes in your circumstances or in tax law. Remember, in particular, that marriage or civil partnership can automatically revoke a Will and divorce may also affect how a Will operates.