Making Wills

Despite many people realising the importance of making a Will, they still put off making one. As you may be aware if you do not make a Will, you lose control of what happens to your estate and to whom it is left. Under the intestacy rules, the law decides this for you which may not necessarily be what you would have wished for or in the interests of your loved ones - young children that may be left behind (please refer to the Rights on Intestacy for the order of priority.)

Making a Will allows you to:

• Put your affairs in order and take advantage of any tax saving opportunities to try and reduce such liability; for example by inserting a Nil Rate Band Discretionary Trust into your Will (see the ‘News & Views’ page for the current ‘nil rate band’ threshold).
• Appoint guardians for any children you have under the age of 18 years
• Say who administers your estate by appointing executors to organise your estate and affairs after your death and distribute the gifts to those entitled (the beneficiaries)
• Appoint trustees to look after and manage any money left in trust for any beneficiaries (for example, children, grandchildren, nieces, nephews) until they reach the age of 18 years or 21 years or whatever age you specify under your Will
• Provide specifically for those you wish to benefit and make any special legacies to any particular persons and / or charities

In preparing your Will, you may find it useful to complete our Questionnaire which will enable you to focus your mind on details you need to consider or that you may not have even thought of.

If you already have a Will, we recommend that you review your Will regularly - at least every five years or sooner in some situations to ensure that it still reflects your wishes. Changes in circumstances are also times when Wills are to be reviewed and updated, such as death of an executor, spouse, beneficiary or a birth in the family or separation, divorce, marriage or remarriage.

Another type of Will which you may wish to consider is a Living Will.

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