Wills and Trusts - Making a Will now means YOU decide who benefits from your estate

It’s a popular myth that your husband or wife will inherit your estate, even if you don’t have a Will. That’s why it’s important to make a Will. It means you choose what happens to your money and financial affairs after your death.

If you don’t make a Will, you die ‘intestate’. The legal framework around intestacy is complex and it could mean that the person(s) you’d like to benefit from your estate may not be entitled, or they may have problems administrating your estate. Would you really want them to have to deal with all that in the middle of their grief?

None of us knows what’s ahead of us, but we can take control of our affairs now.

Why come to HilliersHRW to make your Will?

• We can help you clarify your own ideas and make sure that your Will is crystal clear in its meaning. This avoids any misinterpretation and minimises the risk of your Will being challenged after your death.
• Completing a do-it-yourself ‘Will pack’ from a newsagent will not alert you to the implications of your decisions and choices. There may be issues that you’re unaware of, particularly with regard to Trusts and children. We can talk you through the options and suggest alternatives that you may not yet have considered.

Three things to do before you make your Will

1. Choose your Executors.
   We recommend at least two, in case one is unable to act when the time comes. Executors are your personal representatives, responsible for making sure the terms of your will are carried out after your death. It could be a member of your family or close friend. You can also appoint one of our partners here at HilliersHRW and, in addition, we can help your executors to carry out their duties.
   
2. Decide who will benefit
   You can make specific gifts of money, personal items or particular assets. You also need to state who will receive the ‘residue’ of your estate after all gifts have been made and all debts and taxes paid. You can name young children as beneficiaries, in which case we’ll normally provide for a Trust to manage the funds until they reach a specified age, such as 18 or 21. Funds can still be used to benefit a child before he or she reaches the set age. Some people also choose to leave part or all of their estate to charity.
   
3. Calculate (approximately) the value of your assets
   Include things like your home and other property (including overseas), personal possessions, savings, stocks and shares, life and pension policies, land, business interests and any other investments. Depending on the nature and value of your assets, we will plan your Will to minimise inheritance tax liabilities.

Making a Will also allows you to:

• save the beneficiaries from paying unnecessary inheritance tax
• appoint guardians if you have young children
• express your wishes about the arrangements for your funeral
• set up trusts to help save tax or protect beneficiaries; a Trust can stand on its own or be part of your Will.

Once we’ve talked through with you all the legal and financial implications, we’ll give you an estimate of the likely cost involved, and then we’ll prepare a draft Will for you to consider and approve. Then, once it’s signed, we can store it free of charge and supply you with a copy.

Call us today on 01234 858000 to get things started.

Contact Michael Culver