Will Service

Who Needs a Will?

Virtually everybody! But firstly, if you have never made a will, you are not alone. Approximately 7 out of 10 people die intestate, having not made a will. The result is that the estate is divided between your spouse and their blood relatives according to the laws laid out by Parliament. Where there are no traceable relatives the estate goes to the crown.Why Make a Will?
Many people don’t consider themselves rich, because they may feel relatively cash poor. However they often have assets, particularly property, which can make quite a difference to the gross value of an estate.
In 1995 the government passed a new measure called the Law Reform Succession Act 1995. This amended the 1975 Inheritance Act which meant that the vast majority of couples living outside wedlock can now seek financial provisions from the estate of a deceased co-habitee. A person’s ex and their children can still make a claim. This situation has the potential, to become a minefield, if a you die suddenly, and have not made a written will, potentially resulting in a contested will, where the only winners are the solicitors!

 Things that you should consider including in your Will are:

1) How much money and what property and possessions a person has.

2) Who or what you may want to benefit from your will.

3) Who should look after any children under 18 years of age.

4) Who is going to sort out your estate and carry out a your wishes after your death. (your Executor).

 5) An Executor is the person with the legal responsibility for administering the Will. (Traditionally it has been a solicitor although anybody can be appointed in the will to do it.)

A word of caution. Professionalism doesn’t mean financially disinterested! Professional executors are entitled to charge fees relating to the value of the estate, typically 2-4%. Now that might equate to a couple of thousand on a small estate but could easily become a couple of hundred thousand where a large or investment properties, are involved.

 Where someone dies intestate, the administration of the estate, particularly if multiple properties are involved, could run into years or even decades before disputes between the interested parties are resolved, resulting in the executors pocketing a small fortune over the years. Should such a situation arise, it may be advisable to include a cap on the executors fees in your Will.

Particular reasons to have a Will are:

You may have:

1) a complicated estate or the way you wish to pass it on is very detailed.

2) remarried and have children from a previous marriage

3) assets outside the UK

4) a business

5) assets in excess of the inheritance tax threshold

6) someone with mental or physical disabilities to look after.

And Finally

Once you have made your Will, it is important to keep it in a safe place, although not so safe that you forget where it is! Therefore it’s always a good idea to tell your executor or a close friend or relative. If you use a solicitor or Will Writer to write your, will they will normally keep the original and send you a copy.
Once the Will is made you need to keep it up to date. As your estate hopefully grows you might want to change or expand your generosity.
Things happen like divorce, children etc, so remember to keep it current and up to date. Any change must be by ‘codicil’ (an addition, amendment or supplement to a Will) or by making a new Will.
And finally after all that…..remember to sign it.

Use the CONTACT US button, for your enquiries into Will Writing.

Find The Property Shop Widnes on: