Why Write A Will?
Making a Will ensures that you can leave your property, money and other assets to the people you choose.
It can also help you to make savings on Inheritance Tax (IHT) for beneficiaries.
Modern family life can be complicated and therefore Wills may become even more important for unmarried partners, those with a second family or those who want to be specific about where the inheritance goes in the family tree.
Whether your situation is straight forward or more complex, you should not hesitate to make your Will.
What happens if you die without leaving a valid Will?
- You may create an unnecessary tax bill for your beneficiaries.
- Your unmarried partner could get nothing and be made homeless.
- Your estate may go to people you would not choose. For example, if you’re separated, your estranged spouse may benefit.
- The courts may choose potentially unsuitable guardians for your children.
- Your business may be divided up, sold or given to someone you would not choose. This might be your ex-spouse for example. More information on your business.
- Dependants needing care may not receive your financial assistance, no-matter what your intentions.
- Others may claim on your estate bringing large expenses, turmoil and lengthy delays.
- Ultimately, your estate may go to the Crown
If you would like to discuss your requirements further, one of our specialists can call you back or arrange a visit
What happens if you die without leaving a valid Will?
- You may create an unnecessary tax bill for your beneficiaries.
- Your unmarried partner could get nothing and be made homeless.
- Your estate may go to people you would not choose. For example, if you’re separated, your estranged spouse may benefit.
- The courts may choose potentially unsuitable guardians for your children.
- Your business may be divided up, sold or given to someone you would not choose. This might be your ex-spouse for example. More information on your business.
- Dependents needing care may not receive your financial assistance, no-matter what your intentions.
- Others may claim on your estate bringing large expenses, turmoil and lengthy delays.
- Ultimately, your estate may go to the Crown
If you would like to discuss your requirements further, one of our specialists can call you back or arrange a visit
When should I review my Will?
The government recommends that you review your Will every five years and after major changes in your life.
- Divorce or separation
- It is important to note that marriage revokes a previous Will.
- Having a child
- Moving house
- If an executor named in the Will dies.
If you would like to discuss your requirements further then one of our special advisors can call you back or arrange for a visit
Appointment of executors
Executors are the people appointed to deal with your Will upon your death. Their job is to collect your property, pay anything owed and then distribute the remainder of the property to those you want to benefit.
Appointment of guardians
Guardians are appointed to care for minor children in case both parents should die. Don’t assume that trusted relatives or friends will automatically take on this role. It is important to nominate suitable Guardians.
Funeral arrangements
You may choose to include funeral preferences such as burial or cremation. Find out more about Funeral Planning.
Specific gifts
From expensive heirlooms to cherished items of little monetary value, you can leave specific objects to those you most wish to own them in your Will. A specific gift is a particular item or sum of money that you wish to give someone in your Will, for example, some property, a piece of cherished jewellery or £1000.
The residue
The ‘residue’ of an estate is everything that is left in your estate after all debts, bills and taxes have been paid and all specific gifts have been distributed. Normally your Will includes a clause specifying who gets the residue and what their share is.
Mirror Wills
It is common for couples to choose Mirror Wills. Just as the couple’s wishes may mirror one another, their Wills can also mirror one another.
Can I amend my Will?
Once your Will has been witnessed and signed, you will need to make an official alteration called a codicil. This will need to be witnessed in the same way as the Will. You can make as many codicils as you wish but for major changes you should write a new Will.
We can help you ensure that your Will is always revised appropriately and remains valid.
“The person I dealt with from Fielding Triggs was very helpful and made the writing uncomplicated and straight forward.
Without doubt I will recommend Fielding Triggs”
