Making a Will is one of the most important steps you can take to ensure that your wishes are followed, and your loved ones are provided for after your death. A valid Will provides certainty, avoids unnecessary disputes, and reduces stress and confusion for your loved ones, ensuring that your assets are distributed according to your wishes.
A Will is a legal document that sets out how you want your property and assets to be distributed after your death. It also allows you to appoint guardians for any children under the age of 18. Without a Will, your estate will be dealt with under the rules of intestacy, which may not reflect your wishes or your circumstances, especially if you are unmarried or have children from a previous relationship.
We understand that making a Will can seem daunting, but our experienced solicitors will guide you through the process with clarity and care to ensure your wishes are acted upon as you would like. We tailor our advice to meet your needs and ensure your assets are distributed in a tax-efficient manner, according to your wishes.
If you are thinking about making a Will or need advice about reviewing or amending an existing one, please call us on 0203 924 8462 or fill in our contact form. We offer an initial free consultation to discuss your circumstands and our experienced solicitors will offer clear and confidential advice tailored to you.
We can assist wherever you are based.
Whether you are making a Will for the first time or need to update an existing one, we can offer expert advice and support throughout the process.
Tailored Will Drafting: We will prepare a Will that reflects your personal, family, and financial circumstances, ensuring your wishes are clearly expressed.
Appointing Key Roles: We provide guidance on choosing suitable executors, guardians, and trustees to carry out your instructions and look after your interests.
Inheritance Tax Planning: We can help structure your Will in a way that may reduce your inheritance tax liability where appropriate.
Updating Existing Wills: If your circumstances change, we can assist in reviewing and amending your Will to keep it accurate and up to date.
Advice on Will Types and Trusts: We will explain the different types of Wills and available trust options, so you can make informed choices about how best to protect your assets.
Without a Will in place, your estate is divided in accordance with intestacy rules. This will not always reflect your wishes or circumstances. In particular, situations where couples are unmarried or where there are minor children (under the age of 18). A Will gives you control and clarity.
By making a Will, you can:
Ensure Your Wishes Are Followed: You choose who inherits your property, money, and personal possessions.
Appoint Guardians For Your Children: A Will allows you to name someone you trust to care for any children under 18 in the event of your death.
Avoid Family Disputes: A clearly written Will can prevent arguments and ensure everyone understands your intentions.
Leave Gifts To Charities: You can support causes that matter to you by leaving a legacy.
A Will is not set in stone and can be changed at any time during your lifetime, provided you have the mental capacity to do so. It is important to review your Will regularly, especially after major life events such as marriage, divorce, the birth of a child, or the death of a beneficiary (the person you want to inherit).
We recommend reviewing your Will every five years to ensure it still reflects your wishes and complies with any changes in the law.
You can update your Will by making a new one or by creating a codicil, which is a formal document used to amend an existing Will.
When planning your estate, it is important to choose the right type of Will to reflect your personal and financial circumstances. There are several different options available, each designed to meet specific needs and provide clarity for your loved ones in the future.
The types of Will include:
Single Will: This is a Will made by one individual. It is suitable for anyone not in a relationship or for couples who wish to make separate provisions.
Mirror Wills: These are typically made by couples and contain almost identical terms. Usually, each partner leaves their estate to the other, and then to the same beneficiaries upon the second death. This does not require the couple to be married or in a civil partnership. Mirror Wills can be changed independently at any time.
Life Interest Trust Wills: These are often used where someone wants to protect their estate for children from a previous relationship or to safeguard assets from care home fees. Typically, a particular asset, such as the family home, will be placed in a Trust allowing a surviving partner to live in the home for life, after which the asset passes to the original beneficiaries.
Discretionary Trust Wills: These allow your estate (or part of it) to be placed in a trust upon your death and managed by appointed trustees, who have discretion (the ability to choose) over how and when assets are distributed to the named beneficiaries.
Understanding the key terms used in Wills can help you make informed decisions when planning for the future.
Key terminology includes:
Estate: Everything you own at the time of your death, including money in bank accounts, property, and personal possessions.
Executor: The person (or people) appointed in your Will to deal with your estate after your death. They will carry out your wishes and will be responsible for notifying banks and other asset holders of your passing.
Guardian: The person you appoint to care for your children under 18 in the event that both parents have died. We suggest that one of your Executors is also appointed as a guardian, but this is not necessary.
Beneficiaries: The individuals or organisations who will inherit from your estate.
Distribution: The act of giving your assets to your beneficiaries, in accordance with the terms of your Will.
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Whether you are preparing a Will for the first time, updating an existing one, or need advice about your options, we’re here to help.
Speak to one of our experienced solicitors today to obtain advice and guidance on the options for you and your circumstances. We are committed to supporting you and helping make the process as smooth as possible.
