Make a Will
Everyone aged over 18 in the UK should make a Will to leave instructions for their possessions and ensure that everything they own is distributed as they would wish it to. A Will is an important legal document, so it’s a good idea to get a professional to make a Will on your behalf, ensuring it is completed to a professional standard.
If you die without having made a Will your estate will be distributed according to the intestacy rules, which give preference to family members in the following order:
- Spouse/civil partner
- Children
- Parents
- Siblings or their children
- Grandparents
- Uncles, aunts or their children
If you don’t make a Will a Spouse or civil partner will inherit everything if the estate is worth less than £250000, amounts above this will be split with half going to the spouse and the rest going to other relatives in the specified order. Estates for which a valid heir cannot be found will be kept by the crown.
The intestacy rules do not make any allowance for unmarried or former partners; no matter how long they have been together, so if you don’t make a Will they won’t inherit anything. Anyone who was financially dependent on someone who did not make a Will might be able to claim from an estate under the Inheritance (Provision for Family and Dependents) Act 1975; however, the best way to ensure that your loved ones are adequately provided for is to make a Will.
The best way to make a Will is with the help of an experienced solicitor, they will be able to ensure that the Wills intentions are fully realised and that any ambiguity or potential for disputes is avoided. Many supermarkets and other high street shops now offer DIY Will packs, these should generally be avoided as each Will is an individual document and should be treated as such.
Having the assistance of a solicitor when you make a Will can also help to minimise your beneficiary’s liability for inheritance tax. Currently this is payable at 40% on all estates worth more than £325000, a solicitor will be able to help you make a will in a way that avoids as much of this as possible and ensures your loved ones don’t get hit with unnecessary charges.
When you make a Will it’s important to take into account all of your circumstances, the decisions are yours to make; the solicitor is just there to ensure that they are expressed in a way that is legally binding and incontestable. Before starting to make a Will you’ll need to consider:
- Who will get what
- Whether you wish to include a charitable donation
- Who you want to be the executor of your Will
- Who will witness the signing of your Will
Solicitors usually help customers to make a Will for a fixed fee; this will vary according to the size of the estate, the number of people it is being divided between and any other complexities. For more information and assistance in making a Will contact a solicitor today.