Issues to Consider When Making Your Will

So, you’re considering making your Will. That’s great!

There are several aspects that will require careful consideration before you make your Will so we have prepared the following guide to assist you. Naturally, we will be more than happy to provide assistance on issues where you may require further guidance.

1. Your assets and liabilities:

Detail all of your assets and liabilities including, but not limited to:

  • Property that you won (both in the UK and abroad)
  • Life insurance
  • Pensions
  • Savings/investments/ISA’s
  • Stocks and shares
  • Business interests
  • Mortgages
  • Loans/HP/credit cards

2. Executor(s):

Consider who you would like to attend to your affairs on your death.

Many people when appointing their Executors will often choose family members from each side of their family, although this often creates squabbles! Similarly, it is not advisable to choose people who are considerably older than you are as they are likely to have predeceased you. Instead, it may be advisable to consider a friend to act alongside a professional. See our Professional Probate Plus page for details of our professional low-rate Executor service.

3. Guardians:

If you have young children please consider who you would like to look after them if you died.

If you have young children, in the event of your death, you’ll want to ensure that you, and not the courts, will choose their carers. When choosing Guardians it may be prudent to select people of a similar age to you rather than your parents. Also consider that in such tragic circumstances stability will be important, so try to keep their surroundings, such as schools and friends, familiar too. Don’t miss the opportunity that only a Will provides, to ensure those of your choice look after your children.

4. Beneficiaries:

Consider who you want to receive your assets when you’re gone.

If you have a spouse/partner most people leave their Estate to each other, and then to their children. However, if you were all to die, please consider how you would wish your assets to be left.

If you die without making a Will the government provides that your Estate goes to your spouse and children who are alive at the time of your death. If there are none then your assets will go to more distant relatives, and this may not reflect your wishes! You may wish to exclude certain people, or perhaps want to leave gifts to friends, other family members or charities. However, without a valid Will you can’t do this.

5. Children from other relationships:

Is it important to you that your bloodline is protected?

Many families are composed of children from different relationships, and in order to ensure ALL your children’s inheritance is provided for, and that none are overlooked or excluded, the natural parent may wish to leave part of their share of the property to their own children. This may require an alteration to the ownership arrangements.

Your Consultant will explain how a Protective Property Trust can help alleviate this situation, whilst at the same time protecting a surviving spouse/partner.

6. Protecting your property against long-term care fees:

Are you concerned that care home fees could erode the value of your family home?

It’s a fact that average care home fees are currently running at over £750 a week, which equates to around £3,250 a calendar month, or about £40,000 a year. As the average stay in long-term care is about 4-years that can amount to a huge £160,000 slice of the value of your family home being swallowed-up in local authority Community Care Tax.

But beware! Once one of the partners is taken into care, it’s too late!

Your Consultant will explain how a Protective Property Trust can help alleviate this situation, whilst at the same time protecting a surviving spouse/partner.