1. Deciding who should manage your estate
You should select the people you trust the most as your executors, to carry out your final wishes in relation to wrapping up all of your affairs. The role of your executors will range from closing bank accounts, selling your property and distributing your estate to name just a few.
2. Guardianship for minors
You can decide who you wish to appoint as a legal guardian for your children who are under the age of 18 years. By naming a legal guardian in the Will, you will automatically give them parental responsibility for your children and ensure that someone you trust is involved in their care, education and upbringing.
3. Funeral wishes
Although this is a clause that is not legally binding, it is a way for you to express your wishes to assist your family members when planning your funeral.
4. Beneficiaries of your choice
Your Will ensures that your estate passes to your loved ones. You can leave specific items or money bequests such as a watch or a cash lump sum or even a specific bank account to your beneficiaries. Your Will can also exclude individuals that you do not wish to benefit from your estate.
5. Family feuds
When money is involved it can often cause family conflict. It can be quite stressful for your family to deal with at an already distressing time. By making a Will you can set out your instructions clearly and in particular who should inherit from you.
6. Inheritance Tax planning
If you are a married couple you can leave your estates to each other tax free. You each have a tax free allowance of £325,000 that may be transferrable on second death. When the survivor of you passes away you may have up to £650,000 before any tax is payable (at 40%). If you have children then you may also benefit from the Residence Nil Rate Band Allowance to further lower the Inheritance Tax that may be payable on your estate.
7. Safeguarding the family home
It is a common fear that the surviving spouse may remarry and your children may miss out on inheriting your share of the family home. A Life Interest Trust in your Will can ensure your family home is protected for your children.
8. Protecting your partner
An unmarried partner is not automatically entitled to inherit from your estate under the Rules of Intestacy. By making a Will you can ensure that your partner is included as a beneficiary. You can also leave a right of resi- dence or Life Interest in the property for their protection.
9. Supporting charities
By making a Will you can ensure a legacy is left to your chosen charity that is close to your heart. A legacy to a charity can also help to reduce the amount of Inheritance Tax payable on your estate.
10. Life changes
There are significant life changes that should prompt you to make a Will or revisit your Will. For example, marriage, children, grandchildren, divorce and deaths etc.
GET IN TOUCH
Contact our specialist Private Client Team who can advise you on Wills, Lasting Powers of Attorneys, Court of Protection applications, Trusts and Inheritance Tax planning.
T: 01789 204020
Jackson West offer advice in relation to the following:-
Commercial & Residential Property
Wills Trust & Probate