In difficult economic times, individuals are right to question where every penny of their hard-earned money is going in life.
Yet many find it difficult, and perhaps unpleasant, to raise the same questions about where their assets will end up after their death.
Solicitor Helen Milburn outlines the key reasons why the decision to make a carefully drafted will remains so important, and not one which should not be avoided.
Precise provision for your loved ones
Making a will grants you the certainty that you are providing for your loved ones in exactly the way that you wish. If you pass away without a will, the so-called ‘intestacy rules’ will determine to whom your property passes, and in what proportions. These rules are inflexible and often completely unreflective of the wishes of clients, particularly unmarried cohabiting couples, and often also married couples with children.
If you wish to benefit someone outside of your immediate family, or leaves specific personal items to people, you cannot do so under these rules.
Your choice of Executors
Your executors are the people who will be responsible for administering your will in accordance with the wishes you have set out in it. Making a will means that you have the benefit of being able to choose the most appropriate parties. This may mean that you choose certain family members closest to you. Contrarily, if you have concerns about your family members being unable to cope, or perhaps make mutual decisions, you can appoint Jacksons as an independent executor. Failing to make a will deprives you of this choice, and means that certain relatives must apply for ‘letters of administration’ rather than a grant of probate.
Appointment of Guardians
If you are a parent, you can ensure that you appoint appropriate people to take care of your children in the event that you pass away when they are still at a young age.
Other wishes
Your will can express various other wishes to help guide your executors and family after you are gone. For instance, you may wish to indicate what should happen to any pets that survive you, or give directions in relation to your funeral, burial or cremation.
Tax efficiency
Those individuals with assets that will amount to £325,000 or more face the prospect that their estate will be subject to inheritance tax. It is therefore essential that you consider the use of tax saving mechanisms in your will. Discussion with you will help us to build up a picture of your assets and your priorities. We can therefore then also help you to plan how best to mitigate exposure to inheritance tax after death through the use of tax efficient strategies in your lifetime.
Why should I instruct Jacksons?
It’s no secret that off-the-shelf wills are becoming increasingly popular, but they simply cannot substitute for instructing an experienced solicitor.
The language of wills is steeped in history, and as such, can be very confusing for the lay person. The legal rules of construction of wills mean that, however clear you believe you have made a clause, it could have unintended consequences.
Gifts in wills can fail for an abundance of reasons, and as solicitors, we are trained and paid to know the rules inside out and to ensure that each clause of your will is watertight.
Moreover, we take the time to understand your wishes and to help to give them a legal context; something which is only achieved by working in partnership with you. Sometimes, clients don’t appreciate, for instance, that if a particular relative dies before them and they have not made a gift in the alternative – their property may be distributed in a manner which completely contradicts their wishes. We help you to make sure you have covered every eventuality and leave you feeling certain that you have provided for your loved ones in the best way possible after you’re gone. We meet with clients in person, making home visits where necessary throughout the North East. Our charges depend on the complexity of the provisions you require, but we strive always to ensure that you receive immense value for the money you pay.
If you have any questions about making a will, please do not hesitate to contact Helen Milburn on 01642 356500 or email hmilburn@jacksons-law.com
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