Why Make A Will?
Following your death, the distribution of your assets is not a foregone conclusion and the people you wish to benefit may not do so in the way that you wish them to in the absence of a Will. Therefore, only by making a valid Will can you be assured that your wishes will be carried out.
What Does A Will Need To Cover?
(1) All Wills need to appoint executors to ensure that the directions expressed within the Will are carried out.
(2) If you have children under 18, a Will should also stipulate who you wish the guardian of your children should be if you were to die whilst your children were still of minor age.
(3) How you wish your assets to be distributed; who to and in what percentages.
(4) What should happen if the primary beneficiaries you have named should either predecease you or die at the same time as you.
Important Things To Consider
You should seek professional advice if:
(1) You own a share of a property that you don’t wish to pass to the person that owns the other share.
(2) You wish to leave assets to someone who is in receipt of means-tested benefits.
(3) You wish to leave assets to someone who is considered to be a vulnerable person.
(4) You are a couple and you want to protect assets for your children in a trust after the first one of you dies.
Having gone to the trouble of making a Will, it is important to keep the document safe.
If you would like to meet with one of our Consultants to discuss any of the issues raised in this article or any other Estate Planning topic please telephone 01732 868190 or click here.