What is a Will?

A Last Will and Testament is a written document that outlines the intentions of the writer or testator or testatrix with regard to their estate that is, their affairs and assets, after they have died.

It will also include the names of those individuals who have been nominated as their executors who will be responsible for carrying out the instructions of the Will with regard to the distribution of the assets of the estate and the names of individuals who will be the recipients of the distributed assets who are known as beneficiaries.

Who can make a Will?

Generally if you are 18 years old or over and of sound mind you have the capacity to make a Will. The reason why you would make a Will is to ensure that on your death the assets of your estate are distributed to those individuals who you intend to receive them.

Why should I make a Will?

In England and Wales the Law of Succession applies when beneficiaries succeed to property on someone’s death. This is because property cannot continue to belong to the deceased. In legal terms if you die without making a Will, the Law of Intestacy will apply and your estate will be distributed to various family members or dependants under a prescribed hierarchy and limits of the law of succession.  The Intestacy Laws are different for Scotland and Northern Ireland.

Whilst in many cases this may be sufficient, the testator or testatrix will want to ensure that their estate is distributed in a specific way particularly where the dependants are partners and children that are not adequately catered for under the Law of Intestacy.

For the purposes of mitigation of Inheritance Tax Liability advice is usually given to clients to include Discretionary Trusts in their Will.

How do I make a Will?

The first and most important step after you have decided you may want to make a Will is to have a discussion with us to provide you with independent financial advice.

Whilst we do not make Will’s ourselves we can suggest appropriate inheritance tax mitigation actions to include within your Will.

Want to know more?

Talk to one of our qualified financial advisers on 01553 777600 or e-mail us at enquiries@ringassociates.co.uk

Also you may want to read the articles by accessing the following Directgov website http://www.directgov.gov.uk/en/Governmentcitizensandrights/Death/Preparation/DG_10029800

Citizen Advice Bureau (CAB) website http://www.adviceguide.org.uk/index/family_parent/family/wills.htm and

Her Majesty’s Revenue and Customs (HMRC) site at http://www.hmrc.gov.uk/manuals/ihtmanual/ihtm12041.htm