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Making A Will

 

The question is not “Why should I make a Will?”

If you die without a Will, the law usually determines what is to happen to your estate, therefore, your wishes may not necessarily be carried out. The following situations could arise:

• If you are married, your spouse may not be entitled to your entire estate when you die
• If you are unmarried but living with a partner, your partner may not be entitled to anything at all
• If you are in a second marriage and you have children from a first marriage, your children may not be entitled to anything as your entire estate could pass to your new spouse.

By making a Will, you could:

• Ensure your spouse/partner/child(ren) is/are protected
• State exactly how your estate is to be dealt with or divided on your death so as to avoid arguments between family members
• Appoint Executors that you trust to administer your estate
• Minimise the payment of tax on your death
• Make gifts of personal possessions or sums of money to members of your family, friends or to charities
• Appoint guardians for your infant children

 

How can M&S; Law Office 2006 help?

To be sure that your wishes are carried out, we can assist you in drafting a Will. We can also help if a member of your family has died without making a will and there are difficulties with the administration of the estate. Or, if you have been appointed as an Executor and are experiencing problems, we can help.

We can assist with:

• Preparation of wills
• Administration of estates
• Preparing Powers of Attorney including Enduring Powers of attorney
• Preparing Deeds of Variation
• Tax Planning
• Making a claim for individuals who have not been provided for in a will.

 

I Want to make a Will

If you want to make a Will but are not sure where to start, the list below includes the kind of information you need to consider and provide:

Personal Information

• Personal details about yourself such as your full name, current address, date of birth and marital status
• Details of family members i.e. names, addresses and ages of your spouse, partner, children, parents, brothers and sisters

Assets, Debts and Liabilities

• Details and approximate valuations of your assets i.e. land and property, vehicles, investments, share portfolios, business assets etc.
• Details of your liabilities and debts i.e. mortgage, loans, maintenance payments etc.

Executors

• The job of an executor is to administer your estate. This can be quite harrowing emotionally and mentally therefore you may not want your spouse or child to be an executor. Instead you could choose a family friend or even a third party. However, most married people do choose their spouse if they are giving their entire estate to their spouse.
• Their duties may include looking through your personal papers, registering your death, arranging your funeral, contacting beneficiaries, clearing your property, passing gifts to beneficiaries, selling property and ensuring your estate is distributed as per your wishes
• Your executors can be beneficiaries, family members, friends or unconnected person
• We advise you appoint at least one executor or at least have a substitute executor
• You should have complete trust in your executors

Beneficiaries

• Details of everyone who you want to benefit i.e. friends, remote family members, charities etc.
• We will need full names and up to date addresses where possible

Legacies

• Do you wish to make any gifts i.e. cash, jewellery, shares
• Do you want to give any cash to charities?

Residuary Beneficiaries

• Once all gifts have been made, where is the rest of your estate (your residue) to go?
• Do you want your spouse/partner to take your residue
• What about children? At what age are children to inherit? Normally, it is 18 years of age, but this can be delayed until they reach 21, 25 or even 30 although this will complicate matters
• What if the people named pre-decease you? Is there someone else or a charity would want to benefit?

Other information

• Do you have any specific funeral requirements?
• Do you want to donate your body to a scientific institute for research purposes?
• Do you have any pets that will need a new home?
• Do you want to appoint guardians for your minor children?

 

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