Wills, family & wealth Free information guide
Why is it important to have a will? If you die without making a will you’re said to have died ‘intestate’, and
In addition, if any of the following apply, you should consider making or
the rules of intestacy will apply.
amending your will:
They set out who would administer a person’s estate and who would
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Getting married – marriage automatically cancels a will unless
benefit. For example:
that will specifically states that it’s been made in contemplation
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the surviving spouse of a civil partner would only receive a
of that marriage. If it doesn’t, or you’ve not made a will, the rules
portion of the estate
of intestacy will apply, and your spouse or civil partner may only
a co-habiting partner wouldn’t receive anything, regardless of
receive a portion of the estate.
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how long the relationship had lasted ●●
Cohabitation – unmarried partners don’t benefit at all under the
The intestacy provisions are complex and can make the administration
rules of intestacy. Therefore, if you cohabit with someone, and
of a person’s estate more expensive.
you want them to benefit from your estate after your death, you should make a will.
What is a will? A will is a legal document that comes into effect on your death. By
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Getting divorced – the effect of a divorce on a will means that
making a will you are deciding who should look after your affairs after
any gift to a spouse or civil partner fails, but only when the decree
you’ve died. You also decide who should benefit from the estate and
absolute has been made. Therefore, if you have separated from
who should not.
your spouse or civil partner you should amend your will so that they don’t benefit from your estate should anything happen to you before your divorce.
Having a will can speed up the administration process and reduce administration costs, make provision for an unmarried partner, help preserve assets which would otherwise be used to fund care home
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Becoming a parent – if you’re a parent, or are to become one,
fees, set out your funeral wishes, and look after the needs of minor
you should amend your will to make sure your child or children will
children.
be looked after following your death. If you don’t set this out and
Who should make a will? Everyone over the age of 18 should make a will. Even if you have made a will you should review it regularly to make sure it reflects your circumstances.
an agreement can’t be made, your child(ren) would be subject to court proceedings, and the court would decide with whom your child(ren) should live.
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Receiving a windfall – if you come into some money, whether
Choosing a guardian
through an inheritance, a lottery win or gift, your estate may be
A parent may appoint one or more persons to be guardians to take
subject to an inheritance tax liability. A properly constructed will
effect on his death. A guardian will see to your child’s upbringing.
can minimise an inheritance tax liability for future generations.
You can make provision in your will to allow your guardian(s) to receive payment from the estate to make sure they don’t suffer any
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Owning a business – you’ll need to make provision for the
financial hardship by taking on the responsibility.
business to be wound up or sold following your death.
Funeral wishes
Different ways to make a will
You should decide whether you wish to be buried or cremated.
There are several ways of making a will:
Although nobody likes to think about their own death, it’s the lack of
•
do it yourself
instructions concerning funeral wishes that causes the most distress
•
buy a will kit
to whoever is left behind.
•
use a will writer
•
use a solicitor
Making gifts
If you make your own will or buy a will kit, you’re in danger of leaving
estate. You may wish to leave a specific gift (such as an item of
out key provisions which could make the entire will invalid. The rules
jewellery) or a pecuniary gift (such as cash). You should also decide
of intestacy would then apply.
who should benefit from the rest of your estate.
There’s been considerable media coverage recently on the dangers
Gifts to minor children
of using will writers responsible for incorrect will provisions, badly
Unless the will specifies otherwise, a minor child will receive their
drafted wills, and hidden fees. Again, if not correct, it could make the
inheritance once they reach the age of 18. If you consider this to be
entire will invalid and the rules of intestacy would apply.
too young, it can be changed to 21 or 25.
Using a solicitor to make a will gives you peace of mind. A solicitor
Home Protection Trusts (HPT)
can ensure the will is drafted specifically for your requirements, and
A professionally crafted will containing a HPT can help to preserve
it would be correct first time.
the family home for the next generation, and in the case of a second, or even a third marriage, make sure that the children of the first
Access Legal from Shoosmiths can provide you with step-by-step guidance through the will making process. This would involve: ●●
partner to die receive their inheritance.
What next?
you completing a questionnaire or providing instructions over
If you wish to make a new will, please contact us to arrange an
the telephone if you don’t like form filling
appointment to discuss your requirements.
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we then check the questionnaire and take your payment
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we create the appropriate will within two to three working days
If you wish to amend an existing will, and it is a minor change you
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we issue the will to you to check
wish to make, this may be done by way of a codicil. A codicil is a
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you review it, and if acceptable, you sign it and have your
legal document kept with your will, and details changes to your will.
signature witnessed ●● ●●
you return the signed copy so we can check that it’s been
If you wish to make more substantial changes to your will, you may
validly executed
need a new document. In either event, please contact us to arrange
we contact you each year to review
an appointment to discuss your requirements.
Things to consider when making a Will Choosing executor(s)
Do remember that your will can be stored with Access Legal from Shoosmiths free of charge.
Any number of executors can be chosen, but only four can apply for the Grant of Probate. You can choose an individual (such as a family member or a friend) or a professional (such as an accountant or a solicitor) or a combination of the two. In any event, it should be somebody who’s trustworthy and will carry out your wishes.
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All documents should be read and used in accordance with our terms and conditions which can be viewed at www.access-legal.co.uk. This document is for your general information only and is not a detailed statement of the law. It is provided to you free of charge and should not be used as a substitute for specific legal advice. If you require specific legal advice please contact our helpline on 03700 86 86 86.
When making a will you must consider who’s to benefit from your