It can be as simple or as complex depending on your family and financial circumstances & should take account of your particular family circumstances and your wishes for your family in the event of your death. It should also take into account the nature and extent of your assets, your liabilities, the inheritance tax implications for your beneficiaries.
Your will does not take effect until you pass away. It can be changed by you at any time and indeed should be regularly reviewed to ensure it’s appropriate to your circumstances. When your will has been completed and signed by you, we will retain it safely and securely in our fire proof and alarmed vaults on your behalf free of charge. In your will you will appoint an Executor- the person whom you entrust to give effect to your wishes as set out in your will in the event of your death. It will be your Executor’s job, in the event of your death, to gather in your assets, pay your debts and distribute your net estate amongst your beneficiaries. It is a position of great trust and responsibility.
If your children are under 18, you should also appoint a Guardian, a trusted person to have the legal responsibility for their welfare.
You can also appoint Trustees under your will to hold assets on behalf of your beneficiaries and to use them for the beneficiaries’ benefit in circumstances where the beneficiaries may be too young or so incapacitated as to be unable to manage those assets themselves. The principal advantage of a will is that you dictate its terms- you decide who gets what and when.
Without a will, the fate of your assets, and your family, will be determined by law- the law of intestacy.
People outside your family will not receive anything or members of your family may not receive what you would have wished. Making a will is not difficult, it is not something to be nervous about and it is not expensive. As you read this you, you are nodding to yourself- you agree it’s a good idea to make a will and you are planning to make your will tomorrow, next week, next month………..and then you will forget.
Don’t forget- be sensible, be proactive, be in control. Pick up the phone now and come and talk to us or click on the link below and make an appointment.
