It is one of the most (if not the most) important document you are likely to have in place. It is the only document which gives you control over who is to inherit estate on your death.
It is also the only document by which you can appoint individuals (“guardians”) to have legal responsibility for looking after any minor children.
Research recently carried out suggests that almost half of those UK adults polled do not have a Will. It also found that a third of parents have not named a legal guardian for their minor children which means that it will be up to the Court, rather than the parent, to decide who should look after the children on the parent’s death.
Without a Will, your estate will pass under the ‘law of intestacy’. This is a set of fixed rules which determine how your estate will be distributed.
As such, you lose control over who will inherit your assets which can give rise to disputes, unnecessary tax and expensive professional fees. The assets may also be exposed to risks with vulnerable and immature beneficiaries.
Yes. By making a Will, you can avoid these potential problems.
Whether you make a simple Will or a more sophisticated one will depend on your circumstances. Either way, making a properly drafted Will allows you to:
• Name the people you want to be responsible for administering your estate and distributing the assets (the “executors”).
• Decide which individuals (or charities) should inherit your estate (the “beneficiaries”).
• Choose guardians to look after any minor children.
• Decide at what age any children and/or grandchildren should inherit.
• Include provisions designed to save inheritance tax.
• Include provisions to reduce the risks associated with care home fees and vulnerable, financially immature or divorcing beneficiaries.
• Preserve the assets for the children from a previous relationship.
• Maximise potential tax reliefs for any business or farming assets.
A properly structured Will can address all these issues and, crucially, give you the peace of mind that your estate will pass as you wish.
If you have a will, you should review it periodically and as circumstances change to ensure it is up to date and addresses many of the points answered in the previous FAQ.
