Making Your Will

The consultants job is to take your instructions and translate these into your Will, creating a document which accurately reflects your wishes.

The Will needs to be understood by your executors and most importantly, The Probate Court, to ensure that it is proved quickly to minimise any problems which may occur causing delays and possible hardship to your loved-ones.

There are some important questions which you need to consider before meeting with your consultant. By having many of the answers available it will leave more time to discuss the other important issues which may arise during the consultation.

Appointment of Executors

You do not need to appoint other 'professionals' to act as an executor or trustee of your estate, unless there is the likelyhood of trust arising, Professional Executors will charge your estate to act, and in many cases, for duties which a layperson could have done.

It may be better to appoint a member of your family, a prime beneficiary or close friends to act, remember,

AN EXECUTOR CAN ALSO BE A BENEFICIARY

If you do need to appoint a professional executor, you could consider appointing either a solicitor, a Chartered Accountant or a Trust Corporation to act on your behalf. Your consultant will be able to advise you on the best one in your circumstances and give a guide to the fees they are likely to charge.

Appointment of Guardians

If you have young children, you should consider the appointment of guardians to take care of them until they reach the age of 18. Iif you are the only surviving parent and have the care of your children, appointing a guardian is particualrly important. If you are married and living with the other parent, you may wish to name guardians in case you die together. As in the case of executors and trustees, you should check with the proposed guardians to ensure they are willing and able to act.

Property

Other Considerations

• Specific Gifts - decide now if you wish to leave any other members of your family or friends a special gift. Perhaps jewellery or paintings.


• Pecuniary Legacies - this is the term for a gift of money, again give some thought as to anyone, other than your spouse or children, who you may wish to leave legacy to, this could include gifts to your favourite charity (if a charity try and have the address and registration number available).


• Residuary Legacy - The residuary estate is what is left over after the decendent's debts, probate expenses and specific bequests have been satisfied. Normally, a Will provides for the residuary (left-over) estate to be divided among named individuals.


• Long Stop - also described as the 'total calamity of disaster' clause, so called because these beneficiaries will only inherit if all those named as your residuary beneficiaries fail to survive you.


• Funeral Wishes - you may choose to ignore this section. For those that wish to leave specific instructions, such as cremation or burial and whether flowers or donations are to be given, you should complete this section. It must be pointed out that whatever your request, these are only a wish and not binding on your executors to carry them out if they are unable to.


• Finally - whatever you have put in your Will - and it is personal only to you - make sure that your executors can find it when the time comes. Tell them where you keep your Will and how they can get access to it.

What happens if you do not make a Will?

• If you are married with no children - your wife or husband inherits the first £200,000 plus half of the rest of the estate. Over that amount other relatives can make a claim and things can become very complicated.
  


• If you are married with children - your wife or husband inherits £125,000 plus a life interest in one half of the rest of the estate. The other half goes to the children in equal shares.
  


• If you are single, divorced or widowed - your property goes to your next of kin - who is that? And do you want them to inherit them all?!


• If you are married, but separated - your wife or husband would have a claim. Do you want that?


• If you live with someone, but are not married to them - they will normally recieve nothing from your estate, not even your share of the home.


• If you have no relatives - your property goes to the crown!


• If you have made a Will already, but subsequently married - the Will is automatically revoked.

Finally, without a Will you have no control over your affairs and have to rely upon the rules made by parliament. Even if these are satisfactory now, parliament could change those rules at some future date.