Wills

We may be able to prepare your Will at no cost to yourself please telephone, write or e-mail for details.

What Happens if a husband and wife die together in a car crash?

What Happens to the children - who educates them, feeds them, provides a home?

What Happens to your most valued possessions? - Do they get sold to settle family squabble?

Who will act as executor?

What Happens if there is no will? - Usually financial worry on top of personal bereavement

Where there's a will ......

Wills may not be as expensive as you think!

Most people leave their will until tomorrow .... and tomorrow ....

Do try to overcome the natural barrier against making a will - It is sensible even if you have very little to leave and where young children are involved or where you have just purchased a house IT IS ESSENTIAL!

INFORMATION REQUIRED TO PREPARE A WILL

Full Name

Address

If you move house after making a will there is no need to amend your will

If you feel strongly about burial or cremation, say so in your will. It will help your Executor.

Executors
You will need to appoint Executor(s). This is the person or persons you appoint to administer your estate i.e. to administer your property in accordance with the terms set out in your will. If you know there will be infant beneficiaries you should ensure there are a minimum of two Executors (who will then be trustees for the infant beneficiaries until they attain their majority).

Guardians
You should consider appointing guardians whose responsibility is to look after your children until they retain the age of 18 years.

Specific bequests
As the name suggests this relates to specific items i.e. my house, my engagement ring etc. Most such bequests are made free of all duty, i.e. Inheritance Tax (death duty) but it is for you to say if this is to be the case.

Pecuniary Legacies
These are gifts of cash most often given free of duty - see above for comments.

Residue
This is left after the specific and pecuniary legacies have been distributed and all debts and expenses paid (including all duties). The residue can be left as a lump sum or be divided up amongst a group of beneficiaries.

Care will need to be exercised to ensure that all your property is disposed of.

What you should not do is give specific fractions or percentages ("share") without making provision for the disposal of any failed share.

Points to remember:-

Gifts to children
No child under 18 years or such other age above 18 years as shall be specified by you is able to receive their legacy until they attain such age. They can get interest on the legacy in cash form but not the capital. Unless stated otherwise, if a child dies before it's parent then any gift to that child will go to his or her children if he or she has any.

Marriage
In the event of marriage after the making of a will the will becomes void, unless the will is made in contemplation of marriage.

Divorce
If you become divorced or have your marriage annulled or declared void after the date of your will, any appointment of your former husband/wife as executor or trustee will automatically be cancelled and any gift or brequest to him/her will then lapse in which case you should consult us again.

Where a gift becomes payable to any person under the age of 18 years we suggest you consider:-

Give your Executors wide powers of investment as the statutory investment allowed can be restrictive.

Allow your Executors to release capital due to any infant beneficiary for their Education, Advancement and Benefit.

You are advised to contact us if any of the following occur:-

You change your name or the name of anyone mentioned in your will changes theirs.
A main beneficiary dies.
You have specifically bequeathed any property which you subsequently sell, or which changes in nature.
Your estate increases materially in value, as it may do anyway due to inflation.
If you wish at any time to cancel or alter your will you should consult us so that the legal formalities may be observed, otherwise your wishes may not take effect.

Frequent amendments of the law relating to Inheritance Tax and other taxes make it wise for you to consult us periodically. We may advise you to change your will or to make gifts or take such other steps in your lifetime to ensure the best deposition of your estate.

We hope these notes are of help to you when considering making a will or making any changes or amendments to your will in the future. As you will appreciate there are any number of permutations which can be inserted in a will, the above intended only as a short guide.