Where there’s a will…

By Brenda Shaw

 

Have you made a will? If not, why not? Many people think making a will tempts fate or they have nothing of value to leave. I hope the following will give you some thoughts on why every adult should consider making a will.

Advantages of making a will

  • Many married couples wrongly assume if they have no Will, their estate will pass to their spouse as next of kin. This is only true in small estates, and even then a Grant of Administration is usually required which can cause delay in dealing with the assets and therefore distress for the surviving spouse. If someone dies leaving a spouse and children, only the first £125,000 of their estate will pass directly to their husband or wife. The remaining balance will be divided into two with one half going between the children, and the other half put in trust. The surviving spouse is only entitled to the interest from this, and the capital will pass to the children on the second death. Considering the increase in property values, this is not a huge amount and could mean the surviving spouse would not own the property outright, or would have insufficient income to last them for the remainder of their life.

 

  • If you have young children, and you and your spouse died together in an accident, having no will means the Court or social services would be involved in finding care for them. In a will, you can appoint guardians of any children under 18, giving you the freedom to choose who you feel is suitable, and including provisions for their care. Remember to consult with your chosen guardians before appointing them to ensure they are comfortable with this role.
  • When you make a will, you appoint the executors who possess wide powers to deal with your assets and hold considerable responsibilities to the beneficiaries. If you do not make a will, the law dictates who will be appointed to administer your estate. This is normally your nearest relatives who may not necessarily be the right people for the job.

 

  • If you die intestate (without making a will) your property and assets will pass under strict rules laid down in law. This happens regardless of your personal situation or your wishes, and it is your next of kin who will benefit. The order of entitlement is spouse, then children. If there are none then parents would inherit followed by brothers and sisters, then grandparents, and if none of the above are living at your death, your estate would then pass to your aunts and uncles. If you are unmarried, there is no automatic entitlement for your partner to inherit your estate, even if you have been together for many years.
  • If you are in a second marriage, you may want to make provisions in your will for your children from a previous relationship. If you die without making a will, your estate could pass to your current spouse, effectively disinheriting your children.

 

  • By making a will, you can include your wishes for a funeral, or for family heirlooms to be passed down. You can also stipulate at what age your children receive their share, whereas without a will, the law says they are entitled to inherit at 18. You may also like to include small gifts to express gratitude for friendship and kindnesses shown to you during your lifetime. Without making a valid will, any wishes you may have expressed on these lines will not be binding.

 

 

Updating a will

Even if you have already made a will, you should take time to reassess it from time to time as changes occur to your financial and property situation, your family, your wishes and the taxation provisions

You should also consider making a new will if you have married, as a pre existing will is cancelled on a subsequent marriage.

If you have divorced since you made your will, any reference to your ex-spouse is ignored, so it is probably best to re make your will at this stage, to avoid complications in the future.

Procedure

Making a will is generally a simple process. For example, our procedure is that we would send out a questionnaire to complete with your details, and upon receipt of this, a draft will is sent for your approval. If it is approved, we will then send the original to you together with instructions as to how it should be signed, and we then check it after signature to ensure that it is valid. We can then store it free of charge in our strongroom for safe custody.

Your will is probably one of the most important documents you will ever sign, so is yours up to date?