Gardner Leader

Why make a will?

August 2007

WHY MAKE A WILL?

We all know we should have a Will, but why? We asked Robert Jobson of Gardner Leader solicitors in Thatcham and Newbury to explain.

Robert says that there are many benefits to having a Will and absolutely no disadvantages! Writing a Will enables you to:

1 Avoid the laws of “intestacy”. These provide for the distribution of your estate if you don’t have a Will and basically state that your estate passes to your closest relative (or relatives equally). However, it is not actually true to say that your spouse would receive everything as, if you have children and your estate is valued over £125,000, then part of your estate will actually be held in trust for your spouse and children.

Any assets you hold jointly with another person will pass automatically to that person by survivorship regardless of the terms of your Will.

2 Appoint appropriate executors. You can choose who deals with your estate.

3 Appoint guardians for your children. It is essential that you nominate someone to look after your children whilst they are under the age of 18, rather than leaving it for your family (and potentially the court) to decide.

4 Appoint trustees - to look after and invest the funds in your estate for your beneficiaries.

5 Make gifts of sums of money and/or personal possessions to family, friends and charities.

6 Divide your estate between your intended beneficiaries. You may prefer certain beneficiaries to receive differing shares in your estate.

7 Provide for assets to be held in trust for young beneficiaries. The intestacy laws state that young beneficiaries inherit at age 18, which you may feel is quite young. With a Will, you can stipulate at what age the beneficiaries should receive their inheritance – many people feel that 21 or 25 is more appropriate.

8 Provide for the creation of other types of trust - which could:

• Provide adequately for your spouse but, at the same time, protect your estate for your children in case your spouse remarries.
• If you are in a second marriage, you could protect the assets you brought to that marriage for your children from your first marriage.
• Guarantee a right of occupation in a property that you own for an elderly relative for the rest of their lives, whilst ensuring that the property passes to your beneficiaries in the long-term.

9 Plan any Inheritance Tax liability efficiently and effectively. It is possible to provide for substantial Inheritance Tax savings (possibly as much as £120,000) via a well-drafted Will.

10 Set out your funeral requirements - to reduce the stress on your family at a difficult time.

There are many benefits in preparing a Will and it is essential that you seek professional advice to ensure that it meets all of your requirements. If you have any queries, Robert will be more than happy to assist and can be contacted on 01635 508080.

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