LAST WILL & TESTAMENTS WITH RHD SOLICITORS
Every adult; whatever your circumstances may be, should have a professionally prepared Will for complete peace of mind. A Will is a legal document, which sets forth your wishes regarding the distribution of your assets. This can include but is not limited to: Property, Money, Accounts, Jewellery, Vehicles, Business and Minor Children. If you pass away without a Will in a place, your wishes may not be granted. However, a Will sets out all the terms you desire, saving your loved ones time, money and emotional energy from the stress of settling your affairs, after you are gone!
DO YOU NEED A WILL?
Passing away without a Will, can leave your affairs in limbo for years to come. Yet many do not want to think about one, nor are worried about the costs involved. You must be aware that this could leave behind severe problems, including being unable to pay bills, as banks may freeze your accounts.
Therefore, no matter your age, should you have any assets for example a house, some savings, businesses and/or loved ones you would want to look after, you must consider making a Will.
While pondering, discussing and preparing for death may feel uncomfortable for some, we all need to consider how much worse situations could be, should you pass away or become incapacitated – through illness, accident, old age or any other scenario – without having a Will in place…
There are many specific reasons one would write a Will, including the following:
Children: If you have children or step-children under 18, you should choose who will look after them and ensure there are sufficient funds to help.
Divorced: You may want to update your will to include what happens to your assets, should a previous partner remarry.
Unmarried Couples: The law doesn’t really recognise this, so without a will, don’t expect anything to go to your partner.
Pets: Carefully decide what should happen to family pets.
Property: ‘Joint Tenant’ mortgages automatically pass to the other owner, but if you have a ‘Tenants in Common’ mortgage, it is important to say what happens to your share of the house. If you own property overseas, inheritance laws may be different to that of the UK.
Small Business: It’s possible with sole directors, should you die without executors, no one can make decisions to authorise payments (including staff), so your business could potentially collapse.
Specific Funeral Plans: If you know exactly how you want your funeral to be like, you can detail everything, so that your family doesn’t have to make those decisions.
Change in Circumstances: Update your will accordingly when you marry, divorce or have children.
WHAT DOES A WILL DO?
- These are the people who’ll look after the financial process when you die. Try to choose a responsible and trusted friend or relative, who can think clearly in a troubled time. Alternatively some name a bank or solicitor, though they often charge monstrous fees (and can add themselves automatically), so ensure you only allow this if you’ve chosen it for yourself.
- They’re also the people who will sort out any finances – such as paying off the mortgage and/or other debts out of the estate (see what happens to debts when you die). One useful tip we’ve seen recently is to even include internet passwords in a will so that your executor has access to all of your online accounts.
- Do remember though, you’re under NO obligation to add the writer of your will as an executor, or in fact buy any additional services on top of the writing costs. Some may suggest this, or even apply to your will as default, so check before signing anything.
- This is where you work out who you want your estate to go to. That means everything you own at the point you die, including property, businesses, car, savings, investments, pension fund, life insurance, expensive jewellery, pets and more.
- Be aware though you can’t force people to take what you leave them. Whether it’s a sofa or a house in negative equity, they don’t have to take it.
- If you die intestate (without a will) there are strict laws about to whom and how your estate is distributed. This causes two problems – first the money may not go where you want – and secondly it’s likely to be inefficient for inheritance tax purposes.
- The law says you pay 40% of any assets worth over £325,000 that you leave, so those with valuable houses or larger estates could pay a fortune. Yet there are many legal ways to plan to reduce this, please contact one of our specialist Wills and Intestacy lawyers.
If there is anything you are unsure of or have further questions or queries please get in touch with us.
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