Have you made a will?
Everybody should make a Will during their lifetime and more importantly review their Wills on a regular basis.
In these uncertain times, it is more important than ever that the opportunity is taken to review your circumstances and prepare a Will.
A Will puts you in control and enables you to protect the interests of your family and ensure your wishes are carried out after your death. It also avoids any future family disputes.
Making a Will enables you to:
- Specify who will benefit from your Estate in the event of your death – an opportunity to express your wishes.
- Appoint an Executor/Executors who will be responsible for the administration of your Estate after your death. You also have the opportunity to appoint professional Executors to deal any complex areas of your Estate.
- Set up a trust to allow a spouse or partner to live in a property after your death on the basis that the property would then pass to your children after the death of the surviving spouse or partner. In essence, it is an opportunity to safeguard the family home.
- Appoint Guardians for your infant children – this is an important aspect when infant children are involved as an appointment of a Guardian can only be made by a person with parental responsibility for a child. This is also an opportunity to express your wishes on how your infant children are raised and educated.
- Specify the age at which the children can inherit from the Estate.
- Set up a trust to administer funds for children or other individuals who are unable to manage their own money. The preparation of a Will allows vulnerable beneficiaries (disabled persons) to be looked after and ensures that any entitlement to means tested benefits remains unaffected.
- Specify who will look after your pet(s).
- Nominate a charity to benefit from your Estate.
During the process of preparing your Will, you have an opportunity to review your Estate (assets and liabilities) and highlight any potential Inheritance Tax liability that may arise on your death and allow you to take advantage of available exemptions and reliefs to reduce the liability.
Ward Williams can assist you with all of the above and guide you through the process of not only preparing your Will but can review any Estate planning opportunities that may be available to you. Ward Williams can also assist you with the process of obtaining probate following a death.
Please contact Dipesh Parmar on 01932 830664 or email Dipesh.Parmar@wardwilliams.co.uk to discuss your requirements. Alternatively, please get in touch with your normal Ward Williams contact