Gardner Leader

Wills – Your New Year’s Resolution?

Many of you will have an item at the bottom of your “to do list” reminding you to make a Will, or maybe this is one of your New Year resolutions? Rob Jobson, Partner in the Inheritance Protection Team at Gardner Leader, sets out some of the benefits of making a Will to encourage you to get this ticked off on your list early in 2010!

Children

If you have children, a Will is absolutely essential. You need to appoint guardians to look after your children if you die before they reach 18. You also need to name trustees to look after your children’s inheritance until they reach the age at which you have stated they can receive it. If you do not have a Will, your children will inherit at 18 which many people consider to be too young to manage what could be a sizeable inheritance.

Disabled beneficiaries

If you have a child or spouse/partner who is disabled then you should consider appointing trustees to manage and look after their inheritance. The trustees will ensure that the inheritance is appropriately invested and that the beneficiary continues to receive any benefits to which they are entitled.

This is particularly important if your spouse/partner has dementia and will require residential care if you die before them. A well-drafted Will can help protect your assets for your children rather than exposing them to your spouse/partner’s Care fees.

Unmarried partners

If you are in a relationship and not married or in a civil partnership, you must prepare Wills. If you die without a Will your estate will pass to your closest blood relatives under the Rules of Intestacy. Your partner could then be left in a very vulnerable position.

Specific funeral requirements

You can set out your requirements in your Will so your family knows exactly how you want your funeral to proceed. Some people find it difficult to talk about this with their families, but families do need to know to remove the stress of making the decision themselves.

Sizeable estates

If you have children and are married or in a civil partnership and die intestate, then your spouse/civil partner will receive the first £250,000 of your estate, with the remainder being held in trusts for your spouse/civil partner and children. This is clearly undesirable and can be avoided with a well-drafted Will.

Hopefully you now appreciate the benefit of having a Will. Please do not hesitate to contact me at our Thatcham office for more information.

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