Wills - A Factsheet
What is a Will?
This is a question that we are frequently asked. A Will is a legal document that allows you to state who will inherit your estate once you pass away.
Why is important to make one?
There are various reasons why making a Will is so important. The main reason is to ensure that the assets that you have worked hard for during your lifetime pass to the people you choose. Assets can include property, money, and important personal items. Other reasons for making a Will can include the following:
To make it easier for your family and friends to deal with your estate once you pass away. You can appoint executors, people whom you trust, to administer your estate in accordance with your wishes.
To reduce your potential inheritance tax liability that could be payable on your assets when you pass away.
To appoint a guardian for any minor children and ensure they are provided for financially.
To protect your partner if you are unmarried.
To support a charity.
To specify funeral wishes.
Who can make a Will?
Anyone who is over the age of 18 and has mental capacity can make a Will.
When should you make a Will?
We advise that you should consider making a new Will:
When you are unmarried and wish to benefit your partner
If you get married
When you have a minor child
When you inherit from an estate
When you purchase a property
If you get divorced
If your spouse passes away and you left your estate to them
What types of Wills are available?
Single Wills: These are mainly for single individuals or people who are widowed or divorced.
Mirror Wills: These are mainly for married couples who wish to make Wills on similar terms. These can also be used by unmarried couples who wish to benefit similar people under their Wills. These Wills tend to be straightforward and where couples wish to benefit each other, possibly leave a few specific gifts or legacies, and then when the second of them passes away, their estate passes onto children and grandchildren.
Life Interest Trust Wills: These are more commonly used by couples who have been married previously and have children from separate marriages. These Wills can ensure that the partners can provide for each other, but also protect their children from their previous marriage.
What should I include in my Will?
Firstly, you will need to decide who you would wish to administer your estate. These people will be known as your executors and they will be responsible for carrying out the terms of your Will. It is extremely important that you trust the persons that you appoint in this role. You can have just one executor should you wish, but it is always recommended that you appoint at least two executors in case your main executor is unable to act. This person can either act alongside your other chosen executor or act as a replacement should your main executor not be able to act.
If your estate is complicated and you do not wish to burden family or friends with this role, then you can appoint professional executors to carry out the administration of your estate.
If you have minor children, then you can choose to appoint guardians to look after them until they reach the age of 18.
You may also wish to consider leaving specific gifts to chosen beneficiaries. These can be stated in your Will and can include jewellery, paintings, property, etc. You can also leave specific sums of money under your Will.
You will also need to consider who you would wish to receive your residuary estate. This consists of everything that is left once all specific gifts have been made, cash bequests and testamentary expenses have been paid. This can be paid to just one person or divided between several people. It is always advisable that if you are leaving your estate to one person, you have a replacement beneficiary in case your main beneficiary passes away before you.
You can also state your funeral wishes in your Will. These wishes are not binding, but it is very common that family members are not sure of what their loved one would have wanted. So, by placing these wishes in your Will, you can assist your family at a very difficult time.
What happens if I die without a Will?
If you die without making a Will then you have no control over who will inherit your estate. Instead, this will be divided up in line with the rules of intestacy and it will depend on your circumstances at the time of your death as to who will inherit.
Why should I not make a homemade Will?
A Will Is one of the most important documents you will make during your lifetime and it is essential that certain criteria are met for this document to be valid. You may save money upfront by making a homemade Will; however, if this is not worded correctly, it could incur increased costs to rectify this problem after you have died. This can cause increased stress for your family at an already difficult time and if the Will is badly written or not witnessed properly, in some cases it can mean that the document is invalid and your chosen beneficiaries will not inherit.
Another reason for not making a homemade Will is Inheritance Tax. This is a very complex area and requires professional advice to ensure that your Will is worded in such a way to make sure that your Inheritance Tax liability is kept to a minimum. If you are not aware of the rules regarding Inheritance Tax and the reliefs available to you, then you could end up having to pay money to the Inland Revenue which instead could have been passed to your beneficiaries had you been given specialist advice.
How can MJP assist you?
MJP Law have a friendly team of specialised lawyers who can assist you in making sure that the correct Will is put in place. We take the time to sit with you and discuss your circumstances and provide you with the advice you need in order to give you peace of mind that your wishes will take place once you have passed away.
Should you wish to discuss this further, please contact one of the Private Client team who will be pleased to arrange an appointment with you.
