Making a Will
When making a Will we will discuss with you the following:
Your executors are the people who will administer your estate in accordance with your Will on your death. Generally we would recommend that you appoint at least two executors and that you do not appoint anyone significantly older than you. A spouse or other beneficiary may still act as an executor. Alternatively, you could appoint one or more of our Partners we do not charge for providing services as executors. Whoever you choose we would recommend that you approach them beforehand to ensure that they are agreeable to accepting their appointment.
Would you like to leave a specific item to a particular person? If so, then this should be mentioned in your Will.
Would you like to leave a sum of money to a friend, family member or Charity?
The Residue of Your Estate
Who would you like to inherit the residue of your estate? The residue is essentially anything that is left after payment of your debts and funeral expenses, and after satisfaction of any specific and/or pecuniary bequests. Consideration should also be given to what you would like to happen should one or more of your residuary beneficiaries pre-decease you.
Inheritance Tax Implications
If your net estate, ie your estate after payment of your debts and funeral expenses, is likely to exceed the Inheritance Tax threshold then it may be chargeable to Inheritance Tax. We can advise on whether or not your estate is likely to be liable to Inheritance Tax, and if so, how best to avoid or at least mitigate liability.
The Law provides that children can inherit at the age of 16. Many people consider that this is too young, particularly where large sums of money are involved. We can advise you on the range of options available to ensure that your beneficiaries cannot inherit until you consider that they are old enough to do so.
Would you like to be buried or have your ashes scattered in a particular location? If so, then we would suggest that you leave the necessary instructions in your Will.
After your Will has been completed and signed, we can retain it to your order in our Wills safe for safekeeping. No charge is made for this. Relatively minor alterations to existing Wills can be made by way of a Codicil which we are happy to attend to on our clients behalf.