Making a Will is one of the most important things you will ever do. With a Will in place you can have peace of mind knowing that your wishes will be carried out and that you have provided for your loved ones.
Writing a Will and keeping it regularly updated gives you the control to ensure that your estate is inherited by the people you want to benefit. It helps avoid confusion and difficulties after your death and lets your loved ones know your preferences.
- To enable you to decide who benefits from your estate and who deals with your estate administration.
- To advise your loved ones on your funeral wishes and provide reassurance and direction during a difficult time.
- To make it easier for your loved ones by having your wishes laid out in a legally binding document.
- To financially provide for a friend or partner who otherwise has no legal right to benefit from your estate if you die without including them in your Will.
- To appoint guardians for your children and say who you would like to look after them if you die whilst they are minors (under the age of 18 in Wales).
- To make a gift to your favourite charity or charities.
- To avoid intestacy. If you die without a Will, you die intestate which means that the law determines who benefits from your estate and who has the right to deal with your estate. This does not automatically mean that everything goes to your spouse.
You can write a Will at any time but there are key points in your life when it becomes important to make or consider updating your Will.
- Buying a house or property.
- Moving in with a partner- unmarried couples do not have an automatic right to inherit their partner’s estate if they die without a Will.
- Getting married- marriage automatically revokes an existing Will unless you state in your Will that it is in contemplation of your marriage and shouldn’t be revoked by it.
- Getting divorced.
- Coming into money.
- Having a baby – consider who you would like to appoint as testamentary guardians for your child(ren) in the event of your death. You may also wish to ensure that your children do not inherit until they have reached a certain age.
- Getting a job.
A Trust is an arrangement where assets including property, land, money, shares and expensive items such as jewellery and antiques are held and administered by one person or more (Trustee) for the benefit of another (Beneficiary). Trusts can be set up during your life or you can leave instructions to create a Trust in your Will after your death. There are many reasons why you may want to set up a Trust in your Will including:
- If you have children from a previous marriage or relationship.
- If you are worried about your children or grandchildren inheriting when they are too young.
- If you are concerned that your spouse may remarry after you die and you wish to provide for him or her but ultimately pass your estate onto your children.
- If you provide for a vulnerable or disabled loved one.
- If you are concerned about protecting your home from future care fees.
- To protect your wealth for future generations and prevent it from being dispersed.
- If you are worried that a loved one may get divorced, have money problems or may misuse their inheritance.
Our experts at Vale Wills Ltd can advise you on the most appropriate Trust for your circumstances including:
- Property Protection Trust Wills
- Life Interest Trust
- Wills including a Discretionary Trust
- Vulnerable Persons Trust