Making A Will

Making a Will will not kill you! - but what will happen if you don't make one? (Cont...)

How do I start preparing to make a Will?

It will help us to help you if you have prepared a little before your first meeting with us and have given some thought as to your intentions. In particular:

• List your assets. Make a rough calculation of the value of these. They make up what is called your estate.
• Choose executors. You can have from one to four, but two or three is better.
• Appoint guardians if you have infant children.
• Decide who you want to benefit and how much you want them to receive.
• You might want to leave a particular treasured item or a fixed sum of money no matter how large or small to a particular person or organisation, e.g. to grandchildren, a friend or a charity.
• Decide who is to receive what is left over (which is commonly known as the "Residue"). If it is to go to more than one person e.g. your children this can either be equally or in different shares
• You should consider a "gift over" - i.e. where a gift is to go if the chosen beneficiary should die before you.

To help you we have prepared a questionnaire which covers much of the information we will need with some hints and reminders. Please contact us to receive one.

Taxing Times - don't pay the Tax Man too much

Depending on the size of your estate Inheritance Tax may be charged on the value of your assets. There is a "Nil Rate Band" which is currently £300,000.00 on which no tax is paid. The remainder of the estate is taxed at 40% of its value over the Nil Rate Band. Therefore if your estate exceeds £300,000.00 consult us to discuss if any tax saving measures are possible.

Can I change my Will?

Yes, you can cancel or change your will at any time. You should check your Will every few years to ensure it is still what you want and to update it if necessary. Short amendments can be made by way of a Codicil; like a PS to a letter!

A Will only takes effect on death so during your lifetime people named in your Will have no interest in your assets and you remain free to dispose of them as you wish. If an asset specifically given away in your Will is disposed of during your lifetime the gift in your Will will normally fail. If you left an asset to someone who dies before you that gift also normally fails.

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The articles on legal topics published in these pages are for interest only and are necessarily general in their terms. You should not act (or refrain from acting) on the basis of the information given without specific advice, as the principles and laws concerned may change, and their application will vary according to the particular circumstances.