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Making a Will

Why Make a Will?

Making a will is the only way to ensure that what you want to happen after your death actually does happen. It makes the process of dealing with your money and possessions (your estate) easier for your friends and family. If you don't make a will your estate may not automatically go to the people you want to benefit and unnecessary tax may have to be paid.

Planning your Will

Before your visit to the our office it is a good idea to think through the relevant issues and complete a Will Checklist (which can be requested by email).

You should consider who you would like to benefit from your will (your beneficiaries) and who will be your executor (the person who will carry out the instructions in your will). Remember if any of your beneficiaries are under the age of 18 you must appoint two executors. Also contrary to popular belief an executor can be a beneficiary.

There are different kinds of gift that can be included in your will. For example: a specific gift of a particular item or items (gifts of car or jewellery, house contents etc);a gift of a fixed sum of money (gift of money to grandchildren or charity); a gift into trust to give a life interest in an asset or money to someone specifying who is to benefit on that person's death (gift of house into trust to safeguard it for children); and a gift of what remains after all other gifts have been made and expenses paid (this gift can be to one beneficiary or to a number of beneficiaries in equal or unequal shares). We will consider the options with you and offer advice on the alternatives to suit your circumstances.

Changing your Will

You should review your will every three to five years and when there has been a major change in your circumstances. For example, if you marry any wills made prior to the marriage will be invalid. Also, the value of your home and investments may have increased over time and wills need to be amended to save inheritance tax. It is a good idea to talk to us if you think you may need to change your will. It may be simply done with a codicil (document amending an existing will).

CLICK HERE TO OBTAIN YOUR WILL CHECKLIST

We trust that these notes will be of assistance to you but they must only be read in conjunction with specific legal advice as to your particular circumstances. They are not intended to be a full and precise exposition of the law. Do not hesitate to seek our further advice.