Important Considerations
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• By making a Will you are ensuring your family receives everything they are entitled to in the event of your death – fail to plan and they could receive nothing.
• Ensure you spouse can retain your house in the event of your death by detailing your wishes in your Will.
• Detail your wishes about the distribution of your wealth and possessions to ensure everyone gets exactly what you want them to.
• Speak to your consultant about Inheritance Tax – there are ways to avoid paying too much.
• Safeguard the future of your children or grandchildren by appointing guardians for them.
• Designate executors and make allowances for the payment of trustees if necessary.
• Detail any special gifts or donations to charity that you wish to make upon your death.
• Signify any wishes you have regarding your funeral arrangements.
• If you run a business, make plans for the your succession within that business and ensure your family will be supported.
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Other Considerations• Gifts of money: Also known as pecuniary legacies, these gifts can include sums of money to your spouse, children or your favourite charity.
• Specific gifts: Do you want to leave any particular gifts or posessions to specific people within your family or circle of friends?
• Residuary legacy: This covers everthing else within your estate. If you are married, your remaining estate will pass ‘each to each other’. Upon the death of the surviving spouse, this legacy continues to any children in equal shares.
• Long Stop: Should your beneficiaries die before you do, you will need to consider the Long stop – also known as the ‘total calamity’ or ‘disaster’ clause.
• Funeral Wishes: A non-compulsory section of any Will, you may choose to specify your wishes relating to your funeral arrangements. If you wish to be buried or cremated, have flowers or charitable donations, this is the section in which to state your preferences. This part of a Will is, however, not binding and merely indicates your wishes.
• Keep it safe: A Will is a personal document and should, accordingly, be kept in a safe and private place. However, in order to execute your wishes, your executors will need to know where to find it when the time comes.
It is highly advisable, to avoid any additional pain, confusion and hardship in the event of your death, to use a trained professional to help you make your Will.
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