Last Will and Testament
Legally binding will writing
By having a valid and an up to date Will in place you can ensure that your estate passes to the people you choose. It allows you to decide who your Executors should be so that you know that, after your death, your estate is been dealt with by somebody you trust.
If you do not have a valid Will in place, the laws of intestacy determine how your estate is distributed after your death. This may not be what you would have wanted.
By instructing BRR Law to prepare your Will, you are guaranteed to receive regulated and accredited advice. If you need to discuss your options for either creating or updating your Will, our specialist team would be happy to assist you in this process.
Things To Think About When Making A Will
Executors – These are the people responsible for the administration of your estate. They make sure that all your assets are collected in and used to pay off any debts you may have. It is their responsibility to then distribute the rest in accordance with your wishes in the Will. You can appoint up to four people, we would recommend at least two, especially if you have a child as a beneficiary. Executors can also be a beneficiary of your Estate.
Funeral wishes – Although these are not legally binding and generally serve as a guidance to your executors, a Will is a useful place in which to record your wishes. You might wish to consider, for example, do you want to be buried or cremated, would you prefer a religious or non-religious ceremony?
Guardians – This is the person or people responsible for looking after your children while they are young.
Tax efficiency – you can make sure that your Estate passes in a tax efficient way.
Who will inherit your Estate – Otherwise known as your beneficiaries, this could be anyone you wish. If you are leaving money to young children it is an opportunity to state the age on which the child will inherit. For example, you may feel that 18 years old is too young and would prefer it to be 21 or 25 years. You can also specify what share or percentage of your estate each beneficiary is to get.
Gifts – These could be a particular item, such as a piece of jewellery, or a cash gift.
Create a Trust – You can ensure that legally binding trusts are set up to protect young or vulnerable beneficiaries or to preserve assets in relation to care fees or the re-marriage of a surviving spouse. Alternatively, you might have a beneficiary who is not that good with money or who could never manage the money themselves due to illness or disability. A properly drafted trust allows you more control over what you leave behind.
Steps Involved In Making A Will
How We Can Help
By instructing BRR Law to prepare your Will, you are guaranteed to receive regulated and accredited advice. If you need to discuss your options for either creating or updating from Will, a member of our specialist team would be happy to assist in the process.
Find out more about the process involved by talking to one of our Wills and Probate team, by giving them a call on 01724 854000 for a friendly chat on how we can help you.
THE INSIDE WORD...
“Creating a Will and safeguarding your estate is very important. It is sound financial planning for every individual, family and business”
Partner and Head of Department
Last Will and Testament
Court of Protection
Lasting Powers of Attorney
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