A will is a document which takes effect on death and in which you decide who can benefit from your Estate. Your Estate being everything that you own on death.
Many people think making a Will isn’t necessary or relevant to them personally. If you die without having made a Will the effects on your Estate and loved ones may be far from what you envisaged would happen. The Intestacy Rules will decide who can benefit from your Estate if you die without having made a valid Will. The strict application of these rules can leave many loved ones disappointed. Step children, close friends and partners who are not married or in a civil partnership will not benefit under these rules.
Anyone who is over 18 years of age and has full mental capacity can make a Will. In some circumstances it may be possible to draft a Will for someone who does not possess the requisite mental capacity, this is known as a statutory Will and is made via the Court of Protection.
When making a Will you must ensure it is drafted correctly and conforms to the legal requirements otherwise it will fail and your Beneficiaries will lose out. Below are just some of the important aspects to consider when making a Will:
Marriage and the affects on your existing Will and Estate
Divorce and the affects it can have on your existing Will and Estate
Disinheriting someone and the affects it can have on your Will and estate
Complex family circumstances and providing for them within your Will
Children under 18
Providing for a vulnerable and/or disabled Beneficiary
Considerations of long term care arrangements
The blended family – second marriages, children from previous marriages and step children
Expected windfalls in the future
Any gifts made within your lifetime
For more information please contact us or if you need help with any of the issues, even if it’s just to talk things through, then please don’t hesitate to contact us either by email, telephone or personal attendance. Where attending an office is difficult one of our team is more than happy to visit you at home.