Wills, family & wealth

Free information guide

Why is it important to have a will?

If you die without making a will youre said to have died intestate, and the rules of intestacy will apply. They set out who would administer a persons estate and who would benefit. For example: the surviving spouse of a civil partner would only receive a portion of the estate a co-habiting partner wouldnt receive anything, regardless of how long the relationship had lasted The intestacy provisions are complex and can make the administration of a persons estate more expensive. Cohabitation unmarried partners dont benefit at all under the rules of intestacy. Therefore, if you cohabit with someone, and you want them to benefit from your estate after your death, you should make a will. Getting divorced the effect of a divorce on a will means that any gift to a spouse or civil partner fails, but only when the decree absolute has been made. Therefore, if you have separated from your spouse or civil partner you should amend your will so that they dont benefit from your estate should anything happen to you Having a will can speed up the administration process and reduce administration costs, make provision for an unmarried partner, help preserve assets which would otherwise be used to fund care home fees, set out your funeral wishes, and look after the needs of minor children. Becoming a parent if youre a parent, or are to become one, you should amend your will to make sure your child or children will be looked after following your death. If you dont set this out and an agreement cant be made, your child(ren) would be subject to court proceedings, and the court would decide with whom your child(ren) should live. before your divorce. In addition, if any of the following apply, you should consider making or amending your will: Getting married marriage automatically cancels a will unless that will specifically states that its been made in contemplation of that marriage. If it doesnt, or youve not made a will, the rules of intestacy will apply, and your spouse or civil partner may only receive a portion of the estate.

What is a will?
A will is a legal document that comes into effect on your death. By making a will you are deciding who should look after your affairs after youve died. You also decide who should benefit from the estate and who should not.

Who should make a will?

Everyone over the age of 18 should make a will. Even if you have made a will you should review it regularly to make sure it reflects your circumstances.

Receiving a windfall if you come into some money, whether through an inheritance, a lottery win or gift, your estate may be subject to an inheritance tax liability. A properly constructed will can minimise an inheritance tax liability for future generations.

Choosing a guardian
A parent may appoint one or more persons to be guardians to take effect on his death. A guardian will see to your childs upbringing. You can make provision in your will to allow your guardian(s) to receive payment from the estate to make sure they dont suffer any financial hardship by taking on the responsibility.

Owning a business youll need to make provision for the business to be wound up or sold following your death.

Different ways to make a will

There are several ways of making a will: do it yourself buy a will kit use a will writer use a solicitor

Funeral wishes
You should decide whether you wish to be buried or cremated. Although nobody likes to think about their own death, its the lack of instructions concerning funeral wishes that causes the most distress to whoever is left behind.

Making gifts
When making a will you must consider whos to benefit from your estate. You may wish to leave a specific gift (such as an item of jewellery) or a pecuniary gift (such as cash). You should also decide who should benefit from the rest of your estate.
All documents should be read and used in accordance with our terms and conditions which can be viewed at www.access-legal.co.uk. This document is for your general information only and is not a detailed statement of the law. It is provided to you free of charge and should not be used as a substitute for specific legal advice. If you require specific legal advice please contact our helpline on 03700 86 86 86.

If you make your own will or buy a will kit, youre in danger of leaving out key provisions which could make the entire will invalid. The rules of intestacy would then apply. Theres been considerable media coverage recently on the dangers of using will writers responsible for incorrect will provisions, badly drafted wills, and hidden fees. Again, if not correct, it could make the entire will invalid and the rules of intestacy would apply. Using a solicitor to make a will gives you peace of mind. A solicitor can ensure the will is drafted specifically for your requirements, and it would be correct first time. Access Legal from Shoosmiths can provide you with step-by-step guidance through the will making process. This would involve: you completing a questionnaire or providing instructions over the telephone if you dont like form filling we then check the questionnaire and take your payment we create the appropriate will within two to three working days we issue the will to you to check you review it, and if acceptable, you sign it and have your signature witnessed you return the signed copy so we can check that its been validly executed we contact you each year to review

Gifts to minor children

Unless the will specifies otherwise, a minor child will receive their inheritance once they reach the age of 18. If you consider this to be too young, it can be changed to 21 or 25.

Home Protection Trusts (HPT)

A professionally crafted will containing a HPT can help to preserve the family home for the next generation, and in the case of a second, or even a third marriage, make sure that the children of the first partner to die receive their inheritance.

What next?
If you wish to make a new will, please contact us to arrange an appointment to discuss your requirements. If you wish to amend an existing will, and it is a minor change you wish to make, this may be done by way of a codicil. A codicil is a legal document kept with your will, and details changes to your will. If you wish to make more substantial changes to your will, you may need a new document. In either event, please contact us to arrange an appointment to discuss your requirements. Do remember that your will can be stored with Access Legal from Shoosmiths free of charge.

Things to consider when making a Will

Choosing executor(s)
Any number of executors can be chosen, but only four can apply for the Grant of Probate. You can choose an individual (such as a family member or a friend) or a professional (such as an accountant or a solicitor) or a combination of the two. In any event, it should be somebody whos trustworthy and will carry out your wishes.

contactus
Conveyancing Employment law Legal disputes Medical negligence

For more details please contact us on: T 03700 86 86 86 W www.access-legal.co.uk

Motoring law Personal injury Small business advice Wills, family & wealth