A Will is an important legal document that enables you to choose what happens to your possessions after you have died. We strongly believe every person should have a Will prepared.
You can have peace of mind knowing that you have ensured your dependants are provided for, and your family and business assets are protected and passed to the beneficiaries of your choosing.
Some of the many reasons to make a Will include:
- Deciding who benefits from your estate
- Having the opportunity to make specific gifts and donations
- Choosing guardians for your children
- Deciding who deals with your estate
- Minimising Inheritance Tax
The alternative is to not make a Will, meaning your wishes may not be carried out and the Rules of Intestacy will be followed instead. Here is a useful flowchart showing how a person’s estate is distributed under Intestacy Rules.
Unfortunately, if you are unmarried or not in a civil partnership, your partner does not have any legal standing under Intestacy Rules. People often use the term “Common Law Spouse” to describe partners that live together. It is mistakenly believed that they have the same property, inheritance rights, and tax benefits as married couples and civil partners. This is a common misconception. If you are living with someone (co-habiting) and you are not married or in a civil partnership your rights at law are restricted - making it even more important to make a Will if this applies to you.
Dying without a Will can make it more difficult and even more stressful for your surviving relatives to distribute your estate as the process will be more timely and more expensive.
If you are over 18 years old and have capacity, we at GWCA can help make your Will. Although you can write your Will yourself, it can be complicated to produce a valid Will, and therefore, it is always recommended to seek legal advice. It is increasingly vital to use a solicitor if any of the following apply:
- You own a property
- You share a property with someone you are not married to or in a civil partnership with
- You have children – including children who are not biologically yours
- A potential beneficiary is a dependent who cannot care for themselves
- You have family members who may make a claim against the Will
- You have assets overseas
- You own a business
- Your permanent home is not in the UK
Our Wills and Probate department is made up of friendly and knowledgeable Will experts who will ease the process of making a Will. You will be in a safe space to discuss your financial situation and family dynamics. You will receive all the necessary advice to ensure the effectiveness of your Will.
The main information considered in your Will includes:
- Funeral Wishes – although not legal binding it is useful for your surviving relatives to know whether you wish to be cremated, buried, or maybe have your body donated for medical research.
- Executors – this is the person who will deal with your estate when you die, and they will carry out your wishes. You can have up to four Executors and you should always have a second Executor in case the first is unable to act for any reason. We do recommend that you ask the Executor before appointing them, as they will be taking on a lot of legal responsibility.
- Guardians – if you have children under the age of 18 years old, a Will allows you to name who should be appointed to act as their guardians to look after them should the other parent be unable to do so. The role of a guardian is similar to those of a parent, and come with high levels of responsibilities, so again please ask the guardian before appointing them.
- Gifts – there are essentially three different types of gifts you can leave:
Specific Legacy: this is a particular asset such as jewellery, a painting, your car or even your house.
Pecuniary Legacy: this is a fixed sum of money such as £10,000.00.
Residuary Legacy: this is a percentage such as 50% of what remains in your estate after all debts, specific and pecuniary legacies have been paid.
Our Will expert will fully advise on the above, provide details regarding further matters, such as inheritance tax, and will explain the impact of your decisions in your appointment. You can speak freely and ask any questions.
Once the Will has been finalised, we will store it at your local GWCA Office free of charge and give you a copy for your records. We advise that every five years you review your Will to make sure it remains in accordance with your wishes and especially if there is a drastic change in your circumstances.
For more information please do not hesitate to contact our Wills and Probate department, we will be happy to help with any enquiry, and can make an appointment for you to see one of our Will experts.