Wills & Intestacy
Making a will is one of the most important issues you have to face. It can prevent your money and belongings (“assets”) passing to people you would not have chosen and can assist with Inheritance tax reduction or avoidance.
What happens if I do not make a will?
If you have not made a will, your assets are divided between your next of kin according to fixed rules. The order that this follows is detailed on the wills and intestacy flowchart. You will see that under these rules, your assets will not necessarily all pass to your spouse or civil partner and, if you are not married, none of your assets will pass to your partner.
The above rules do not include assets held as “Joint Tenants”, which will pass automatically to the surviving joint owner in addition to any amounts that they inherit under these rules.
The majority of people would not want to place any limits on the amount that their surviving spouse or civil partner inherits and may want to leave money or items to other individuals or charities not included in the rules. Making a will ensures that your money and possessions pass in accordance with your wishes and suit your personal situation. After all, it’s your money!
Who can make a Will?
Anyone can make a will provided they are over 18 and mentally capable of understanding the implications.
What is included in a Will?
- Executors
These are the people who will administer your estate. They are responsible for arranging the payment of any outstanding debts, collecting in your assets and distributing them to the people you have mentioned in your will. - Beneficiaries
These are relatives, friends or organisations who you decide are to receive your money or specific assets - Guardians
Your will can include an appointment of guardian/s to look after any of your minor children following your death. It can also include provisions to allow your guardian/s access to your money for the benefit of your children whilst they are growing up. - Children
You can specify in your will the age at which your children are to receive their inheritance. This will usually be 18, 21 or 25. Trustees will be appointed in your will to look after this money for the benefit of your children until they reach the age specified
Keeping your will under review
You must ensure that your will is kept under review. If your financial or personal circumstances change in any way, you may need to consider amending your will to reflect these changes. In particular, marriage and entering into a civil partnership revokes an existing will. Also, divorce or dissolution of a civil partnership affects those parts of the will that relate to that partner. It will be treated as though that partner had died.
What will it cost me to make a Will?
Our Will charges start from £98 plus VAT and will be very much dependent on your wishes.
Please note that this information article is intended as summary of the law only. Specific advice from appropriate professionals should always be obtained as every set of circumstances is different.
Contact us on one of the following numbers for further information:-
Middlesbrough 01642 230700
Ingleby Barwick 01642 754050
Coulby Newham 01642 233980
