A Will is a legal document that specifies how your assets and property are to be distributed after your death. It means that your wishes for your property, money, treasured items and even your dependent children must legally be followed
If you die without making a Will your assets may not necessarily go to the people you want them to
It may take longer to deal with your affairs after your death
Your family could be left in a state of uncertainty and possible financial hardship
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WHAT SHOULD I INCLUDE?
This depends on your individual circumstances and some Wills are more complex than others. In general it is best to reduce complexity. When considering what to include you do need to think about the following:-
Executors
These are the people who will administer your Estate after your death. Your Executors should be trustworthy and individuals who are likely to survive you. Professional Executors such as advocates or accountants can be appointed, particularly where you have no local family or you are concerned that your family may not be able to administer your estate amicably.
Assets
Consider all your personal possessions: your house, money, jewellery, investments and items of sentimental value to you. You may have property overseas for which special arrangements need to be made. Making a Will is your opportunity to leave what you want to whomever you want.
Beneficiaries
These may be your spouse, partner, children or other family members. You may have children from a previous marriage who you want to provide for. Maybe you want to benefit charities or organisations that are meaningful to you.
Guardians
If you have children under the age of 18, you should consider appointing Guardians who will be responsible for their upbringing and day-to-day welfare. If you do not appoint Guardians in your Will the Court will decide who brings up your children following your death.
IT’S FINE, I ALREADY HAVE A WILL
An existing Will should be reviewed on a regular basis with a view to updating it. Personal finances and relationships change over the years: marriage, divorce or re-marriage will affect the validity of an existing Will and the arrival of children or grand-children is likely to alter your priorities. These changes can be reflected in an updated Will.
The Private Client team at M&P Legal are able to advise you in relation to your individual circumstances and draft a Will to suit your requirements. Contact Niall Prentice on 01624 695800 or [email protected].