Why make a Will?
Only three out of every ten people in the UK make a Will. If you die without a Will then the law will decide how your property is to be divided amongst the members of your family. This may not always be what you want.

It is surprising that more people don't make wills, especially considering how important it is to take care of your loved one and the valuable contribution that legacies make to the running of our nations charities.

There is nothing complicated in making a Will. Consult a solicitor and you will find that it is actually very straight forward and not expensive.

Five reasons to make or update your will:
1. Protect your loved one
Do not assume that your partner will inherit your entire estate, even if you are married. If you are not married, your partner may not inherit anything. Leaving a will allows you to set out exactly how your estate will pass on after your death.

2. Caring for your children
If you have young children then leaving a will is the best way to ensure that they are properly looked after and that they receive their inheritance when they reach adulthood.

3. Helping your favourite causes
You should also think of benefiting charities once you have taken care of those nearest and dearest to you. Gifts to charities also have the added bonus of potentially reducing Inheritance Tax on your estate.

4. Preventing legal problems after your death
There is nothing worse than a will that is either out of date or badly drafted. You should review your wills with your solicitor on a regular basis.

5. Saving your money
It is a lot cheaper than you would think to draw up your will. This is especially true when you consider the problems and expenses that could arise if you do not deal with your estate properly. Our advice could save your beneficiaries a great deal in Inheritance Tax. Consult us for a quote.

Five steps to making your will:
1. Using a Solicitor
We deal with wills on a daily basis so use our expertise to make sure your wishes are carried out after your death.

2. Appointing your executors
You should appoint at least two executors. They are people who look after your estate. You should be confident that they are capable of dealing with both your estate and your beneficiaries after your death.

3. Valuing your assets
Think about what you own and the value of these assets. This information must be accurate if we are to advise you properly on the implications of Inheritance Tax on your estate.

4. Deciding on your beneficiaries
Think about the people you wish to benefit in your will. Provide us with a list of their names and addresses so that we can contact them after your death. If you tell us what you wish to leave them then we can explain the best ways of ensuring that they receive your gifts after your death.

5. Keeping your will safe
It is obviously vital that your will is kept safe until your death. We would recommend that you let us look after your will as well as the deeds to your home and any other important documents. We will keep them secure in the fire-proof safe at our office free of charge.

Keep your will up to date
You must review your will whenever you move home, get married, have children or get divorced. Otherwise you should aim to review it every 5 years. It is easy to change your will and we will always tell you if we do not feel that there is any need for change at a particular time. The important thing is to check with us first.

Leaving gifts to charities
The United Kingdom is blessed with so many charities which look after people, animals, buildings and a multitude of other vital programmers. Do consider them in your wills and remember that such gifts are tax-free. Do also think of the local charities who have even more need of your money than the national charities.

Lasting Power of attorneys and living wills
A lasting power of attorney (LPA) appoints a person or person(s) you trust, to make certain decisions on your behalf. There are two types of LPA's: a property and affairs LPA to deal with your property and finances; and a welfare LPA, to make welfare and health care decisions when you lack mental capacity to do so for yourself.

The second overlaps with a 'living will' or 'advance decision' which is a written statement setting out in advance what medical treatments you would refuse if there were no hope of your recovery; and you are rendered completely incapable of communicating your wishes.

If you want to know more about either of these documents please contact us.