Wills
You can’t take it with you...
...but you can decide who benefits from it. It’s remarkable how few people make wills. When you consider that your lifetimes financial achievements are at stake, you’d think that most people would want to choose who benefits.
You may want to support your children in retirement, or see your grandchildren through university. You might want to support a charity or a specific local project. It’s your money and it should go where you want.
I’ve Already Made a Will
1. Gifting a property that you no longer own. If your will says ’I gift my house, No. 7 High Street, Worthing to my daughter and the balance of my estae is to go to the RSPCA’, but you have since sold No 7. High Street, your daughter will receive nothing and the entire estate will go to the RSPCA. She will not be entitled to the proceeds of the sale of the property.
2. Gifting money to people you no longer know. People move on and sometimes don’t keep in touch, or circumstances change. You might find beneficiaries in your will that you no longer wish to benefit.
3. Leaving money to people who have died. A well written will will make allowances for beneficiaries dying between the writing and reading of the will. Not all wills are well written and may not achieve your aims if a number of beneficiaries have died.
I Haven’t Made a Will
If you don’t make a will you will die intestate and this means that where your money goes will be dictated by rules drawn up by the government. Ultimately if these rules fail to find a beneficiary your hard earned money goes to the State.
We have put together the rules of intestacy here.
How Do I Make A Will?
You can write your own will but there is no guarantee that it will be legally valid. Common errors include failing to consider all of the assets available, not thinking through all of the contingencies if circumstances change and not writing it in a way that is legally clear.
Even for the simplest will for the most straightforward estate you should seek legal advice. The costs of making a will with a solicitor are usually less than £200.
Who should be my Executors?
Your executors are the people who will be responsible for collecting together the money and assets in your estate and distributing it to the people or organisations that you specified in your will. They will apply for probate (basically making your will a public document and registering with the authorities your wish for them to act on your behalf). You need to appoint your executors with care as the role involves a great deal of responsibility and work. Always ask them in advance as they have a legal right to refuse to act.
You must appoint at least one executor, but it is common practice to have two (in case one is no longer able to act) and you can have up to four. Usually it is best to appoint friends or relatives to this role. They can seek legal advice if they need to.
Alternatively you can appoint your solicitor or bank, although it is likely that their charges may be high for this work as there will be no option but to use their services.
Finally
Make sure that your family or friends know that a will has been made and where to find it. Many solicitors will securely store your will for a nominal cost.
We are not legal advisers....
...but we know people who are. If you would like us to put you in touch with a legal adviser in your area, please email us your details here.
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