Where there’s a Will there’s a way

14/09/2021

No one likes to talk about death, but you can leave problems for your family if you don’t make plans. It can feel daunting, but making a will can be straightforward and won’t cost the earth.

Tips for arranging your will:

Choose who draws up your will wisely
Will drafting is full of pitfalls for the unwary and badly drafted wills can cost much more to sort out.
Choose executors and trustees carefully
The roles can be demanding and involve handling large sums of money. Talk to them to ensure they are happy to act.
Appoint substitute executors
If you are married, you may want to appoint your spouse, but if you died together in a car accident, consider a substitute.
Appoint guardians
If you have children under 18 a guardian will be appointed by the court if you have not specified who this should be in your will.
Make specific legacies
If you have family treasures or items of special sentimental value, you can leave them to a named beneficiary.
Make sure you deal with the residue
‘Residue’ is what is left in your estate after funeral costs, any inheritance tax, administration costs and legacies are paid out. You must specify who this goes to, otherwise you risk creating an intestacy where the law decides who inherits. Also consider what should happen if this person dies before you.
Consider Inheritance Tax
This is becoming a burden for many families, and certain circumstances such as cohabitees are treated harshly for tax. Professional advice can help you maximise tax exemptions.
Sign your will
It must be signed in front of two independent witnesses and there are strict rules on who can be a witness.
Store your will in a safe place and let your executors know where it is. It’s no good to anyone if it can’t be found after your death.