A Correctly-Prepared Will
Preparing a will is a task that everyone should undertake at some point in their life – in fact, the sooner the better. After all, it’s the only document that can speak for you and convey your wishes once you’re gone.
If you’re thinking of setting up or amending your will, the questions below are a useful way to get you started on this important process.
1. Who should act as executor of your will?
The executor of your will is the person you choose to pass legal responsibility for your financial obligations to. In other words, your executors will be responsible for dealing with things such as deciding when to sell your property for the best price, and ensuring that taxes like inheritance tax and capital gains tax are paid.
The person (or people, if you choose more than one) you entrust to execute your will should be adequately equipped to deal with the task at hand. This is not always a straightforward process – for example, if you have young children who you would eventually like to act as the executors of your will, it is advisable to appoint a trustee to manage the bereaved minor’s trust until they have reached adulthood.
2. Who should act as guardian to your children?
Deciding who to appoint as guardian to your children is one of the hardest choices to make. Nobody wants to think about another person doing this important job. Yet for the benefit of your children, it is crucial to think about the most suitable guardian if the unthinkable were to happen.
You may wish to designate this responsibility to a couple. If this is the case, you will need to name the individual who will remain guardian in case of separation or divorce.
“The preparation you had done before hand made the whole experience stress free. Most importantly you listened and took on board my wishes.”
G. Perks (Westbury on Trym)
3. What is the value of your estate?
If your estate is valued at over £325k (or £650k for a married couple), your assets will be liable for inheritance tax – 40% on everything above the aforementioned amount.
To minimise the amount due and prevent unnecessary financial worry to those you leave behind, we provide advice and support that will help you to keep the amount of inheritance tax you will have to pay as low as possible.
4. Who do you want to inherit the bulk of your estate?
While people often want their spouse or children to inherit the bulk of their estate, it is not enough to simply rely on trust when it comes to inheritance law.
Any number of factors could affect the law’s decision when it comes to your inheritance, from remarrying to bankruptcy and care fees. Leaving behind a clear, correctly-prepared will is the best way to avoid any issues from occurring and ensure that the right people inherit what is rightfully theirs.
5. Would you like to leave specific gifts to family members, friends or charities?
Belongings can carry huge sentimental value, and may be associated with particular memories that your loved ones will want to hold on to.
Yet without a correctly-prepared will, the people you care about may not know that you intended to pass on your most cherished possessions to them. If you can’t bear the thought of your treasured items and heirlooms being forgotten, including them in your will is crucial.
These are just a few of the issues that you will need to think about when making preparations for your will. At Richardson’s Wills, we know how difficult it can be, which is why we’re happy to take the time and effort to guide you through the process personally.
The process begins with a friendly face-to-face meeting, where we’ll gather the information we need and discuss the best way forward for you and your family. After this, we’ll write to you with details of the best options and the costs involved.
You’re under no obligation to go ahead at this stage, but if you do, you’ll continue to receive the same personal level of service and face-to-face contact while we proceed with preparing your will, based entirely on your own preferences and financial requirements.
For a personal will preparation service that takes into account the wishes of you and your family, get in touch today.