Wills

Why should I make a Will?

None of us like to think of death, but it is still important to know that we have made provision for our loved ones.

If you were to die without a Will (known as dying “intestate”), then you have missed an opportunity to decide who is entitled to your assets and who should deal with administering your Estate.

Without a Will, any child entitled to a share of your assets will receive them when they reach the age of 18 years. Would you prefer them to wait until they are 21? If so, this needs to be stipulated in your Will!

The following circumstances indicate that it is very important for you to deal with making a Will;-

Do you have assets exceeding £325,000, your own business or own your own home?

Do you have a long term partner to whom you are not married or in a registered civil partnership with? There is no provision under the intestacy rules to provide for unmarried partners to inherit in the same way as a husband, wife or civil partner would. As a result, even if you have lived together for many years, your cohabitant (the person you live with) would be left with nothing.

Do you have children who might squander money given to them too early? You can defer their entitlement to their inheritance until later, perhaps to the age of 21.

Are you currently undergoing a divorce? Your spouse could still inherit from your estate if you have not made a Will and you pass away before the Decree Absolute (final Divorce Decree) is issued by the Court.

Do you have specific Executors in mind or perhaps there are people that you definitely do not want to be responsible for administering your estate? Making a Will ensures that you can specify responsible and trustworthy adults who are willing to accept responsibility to deal with this for you.

Would you like to appoint a Guardian to look after your children who may be under the age of 18 at the time of your death and unable to look after and provide for themselves? Such people should be consulted beforehand and then specifically appointed in your Will.

Do you have specific funeral wishes, such as a wish to be buried or cremated, or even a wish not to have floral tributes? Although such wishes do not become legally binding upon anyone by stipulating them in a Will, you can make sure that people know what your wishes are in the event of your death. Perhaps you also have specific wishes regarding organ donation – these can also be included in your Will (although you should also consider registering on the organ donor register and carrying an organ donor card).

Do you wish to make specific cash gifts to a person or to a charity? Perhaps someone has been particularly supportive or helpful to you and you would like to show your thanks with a small cash gift. You can stipulate whatever sum you feel is appropriate in your Will.

Do you want to make gifts only in certain circumstances, for example only if you should die after your spouse? You can detail any such limitations in your Will.

Would you like to make gifts of specific items, such as jewellry or antiques? You can stipulate to whom such items should be left and in what circumstances, applying limitations as to circumstances if you wish. Your Will should also specify what happens to anything left over after you have made all the specific gifts (known as your “Residuary Estate”).

Would you like to minimise the amount of Inheritance Tax payable on your death? A carefully drafted Will can help preserve your assets for your beneficiaries.

Would you like to make provision in your Will for specific people who depend upon you financially, by making a trust within your Will? Bear in mind that anyone who depends upon you financially can ask the court to review your Will if they believe that you have not made adequate provisions for them.

Do you own property overseas?

Do you have a Will drawn up in another country?

Have you recently married or registered a civil partnership? If so, your Will may now be invalid and need redrafting. You should review your Will regularly to reflect any major life changes.

Would you like to make sure that your Will is legally valid? Although you can write a Will yourself, there are various legal formalities that you must follow in order to make sure that your Will is valid, otherwise a simple mistake could cause problems for your family after your death.

Our Wills Solicitor will then take details from you as to your wishes and will draft a Will for your approval. In your appointment, you will need to provide details of everything you own; property, cars, personal valuables, stocks and shares, bank accounts, insurance policies, businesses and pensions, together with approximate values.

Once the Will is approved, we will produce the final version for your signature. There are certain rules that must be followed at this stage, to make sure that your Will is valid. For example, a witness (and their husband/wife/civil partner) cannot be a beneficiary under the Will, although a beneficiary can also be an executor. Our Wills Solicitor and another member of staff can therefore witness your signature to ensure validity.

The Will can then be stored by us in our safe storage, free of charge, until such time as it is needed.

At Paul J Watson, Solicitors in Middlesbrough, we offer knowledgeable and professional advice, at a reasonable cost to everyone, with specially reduced fees for those over 65 years.

Whatever your concerns or your circumstances, our Wills Solicitor, Stacey Phoenix, would be happy to offer a free initial consultation to you, either over the telephone or in an appointment.

Should you be housebound or in a hospital or hospice, then our Wills Solicitor could arrange to come and see you, for no additional charge.

Alternatively, complete the Contact Form, providing your contact details and a brief outline of your case and we will contact you.

You may also be interested in making a Lasting Power of Attorney, to help manage your future should you become incapable of managing your finances or making decisions on health issues.