According to statistics, a huge percentage of people in the UK do not have a current Will, let alone one which accurately reflects their current wishes or their current financial or family circumstances.

Making a will is one of the most positive things you can do for your family’s future. It gives certainty and the peace of mind of knowing that your estate will be dealt with in accordance with your wishes.

Why Make a Will?

A Will guides those who are left behind and saves worry and heartache at a time of great emotional stress. It should set out your wishes, however complicated, regarding your estate and who is to inherit it.

It should be seen as a positive choice about the destination of your estate rather than leaving everything to be distributed according to the rules that apply where there is no Will. Everyone who has any assets to give away on their death should consider making a Will. Similarly if you wish to benefit anyone other than your immediate family (such as friends, charities or distant relatives) or indeed wish to set up trusts or just benefit the children at an age later than 18, then you need to have a Will in place. There are a number of important points for you to consider.

Beneficiaries

Without a Will your children will inherit at 18, and charities and non family can never benefit. More often than not 21 or 25 is the preferred age for inheritance. You may also want to include small gifts to friends or cash amounts to charities – all of these can only take place if they are set out in a properly drawn up Will.

Guardians

If you have children under the age of 18, perhaps the most important consideration is who is will look after them if you were to die. This can be set out in your Will.

Executors

These are the people who will be responsible for dealing with your estate, not only the legal formalities, but also taking on the responsibility for your assets and debts and ensuring that the right people inherit your estate at the right time. It is often an onerous task which is not always suitable for the beneficiaries of the estate.

Funeral wishes

Although it is always a good idea to let the family know, your Will is a useful place to set out any particular wishes you may have in connection with your funeral.

Trusts

Trusts are not scary creatures – leaving your estate to your children at 21 actually creates a trust should they be under 21 when you die. They therefore still have a place in tax and estate planning. Whether it is to protect beneficiaries from themselves or others or possibly to shield assets from being taken into account on divorce, bankruptcy or when looking at care funding, trusts are incredibly useful, if set up properly. Your Will would be the trust document and where all the terms of the trust will be set out.

Tax

Inheritance tax is still a punitive tax for the reasonably wealthy. If you are considering your exposure to this and other taxes then the first task is to ensure that your Will does exactly what it should do and in the most tax efficient manner. Your Will can still be used to save tax if structured correctly.

Solicitors

You can look to the internet or get a “Will kit” for a relatively small sum. Solicitors will charge more, and unfortunately have to charge VAT on top of those fees. However the advantage of going to a competent firm of local solicitors is the advice you will receive. That is what you pay for - the Will is the by-product of that advice.

Solicitors will advise on all of the issues highlighted in this note and also on the “what if” scenarios you may not considered or simply be unaware of. A Will kit gives you none of that.

Ideally, you should seek a firm with friendly and experienced practitioners, where there is tax as well as legal expertise and also preferably where there are members of the Society of Trust and Estate Practitioners (STEP), a professional organisation of solicitors and accountants who are recognised experts in these areas.

Book a Free Appointment

Frettens are pleased to offer a free initial consultation for all new clients. We have always offered this service because we recognise the importance for clients of deciding whether they can work with a particular solicitor and to find out more about the process and likely outcome. Our private client lawyers offer positive, down to earth advice, and we hope that this initial meeting allows you the time to see this as well.

Contact a member of our Private Client Team to arrange a free initial appointment at either our Christchurch or New Forest office, where you will be able to meet your solicitor with no obligation or charge.