WHY MAKE A WILL?

Many people are put off by the prospect of making a will - often because they believe that their estate (i.e. all their property and assets) do not merit the time and expense involved. However, once an individual's assets are added up they can often come to a considerable sum.

Making a will can avoid unnecessary costs and heartache for members of a bereaved family. Where a person dies without making a will, then they are said to die "intestate" and their estate will be divided up according to the law rather than as they might have wished.

For example, without a will, whether or not a husband or wife receives the entire estate of their deceased partner depends on the size of the estate and also whether the couple have any children. Often an estate passes to distant relatives who need to be traced at great expense to the estate.

WHAT DO I NEED TO DO?

A proper will needs to be drawn up to ensure that those you wish to benefit do indeed share in your estate. You can also ensure that your wishes as regards your funeral are recorded and take action to reduce or eliminate any potential inheritance tax liability.

You need to consider:

Who you would like to act as your executors (the persons who look after your estate)

Details of any individual items or gifts of money you wish to make to specified beneficiaries

Details of who you wish to share in the residue of your estate

Directions as to funeral expenses if you wish

You may also wish to consider a Lasting Power of Attorney which appoints someone to act on your behalf and manage your financial affairs – even if you become mentally incapable.  

Please contact us if there is any way in which we can use our professional expertise to assist you.

Contact: Mark.Drasdo@hwlegal.co.uk

   or          Jean.Cowling@hwlegal.co.uk