Why have a Will?
What is a Will?
- A document that appoints people (executors) to look after your affairs after you die, and instructs them how to do so.
What if you die without a Will?
- Intestacy – statutory rules apply as to who has responsibility to deal with your estate and act as administrator and who receives your estate
- the Administrators and beneficiaries will be family (in an order of priority) – but may not be the same people you would choose! The Administrators may not always be the most capable people for the task, and this may lead to disagreements
- it may be that your estate would even pass to relatives you don’t like!
- if there is no-one within the specified categories, your estate goes to the government
- do not assume everything would pass to your spouse/civil partner – if there are children, then if your estate is worth more than £250,000 the children will receive a share (potentially causing difficultly with children receiving share of matrimonial home!)
- beneficiaries will inherit at age of 18 (regardless of whether they are good with money or not!)
- co-habiting partners have NO automatic right to inherit
- also no provision step-children, godchildren or charities.
Advantages of making a Will
- choose the most suitable Executors – this is a lot of responsibility, so think about financial abilities, and who will be able to work together in difficult circumstances
- make gifts to others – for example, grandchildren, other family members , friends, and charities
- ensure your surviving spouse/civil partner/partner is properly provided for
- allows you to appoint guardians to look after your children if you die while they are young
- ensure that your estate is protected for your own children in the event your surviving spouse/civil partner/partner remarries, goes into care, or goes bankrupt, for example
- take advice on tax planning
- gifts to charity in the Will may allow your estate to pay Inheritance Tax at a lower rate
- it puts you in control.
Why don’t people have Wills?
- 73% of 16-54 year olds don’t have a Will. Majority of those are men.
- Cost may deter some people.
- Wills may control hundreds of thousands of pounds, so worth spending a bit on making sure you get it right!
- worry about tempting fate!
Updating your Will
- an out of date will may be as good as no Will at all
- usually a Will is automatically revoked if you subsequently marry/enter into a civil partnership
- your own family circumstances will change over time, and so will your finances and the law
- consider reviewing your Will if it is older than five years.
Capacity to make a Will
To make a valid Will you need to have mental capacity. As lawyers, if we have any doubt as to a client’s mental capacity we would obtain a capacity assessment from a medical professional. Where a person lacks capacity to make Will, we should consider whether to make an application to the court of protection for a Statutory Will for them, where it is in their best interest to do so. This is a lengthy and costly process.
Tags: estate planning, Lawyers, Solicitors, wills
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