A question that circulates throughout the legal industry and if you are looking for a simple yet insightful answer – look no further.
A will is a legal document prepared to determine how you want your property to be distributed, i.e. If you did not have a valid will on your death, then your estate would be distributed according to intestacy rules.
This may mean your estate is not distributed as you might have wished so in the present day for example, non-marital partners are not entitled to inheritance under intestacy rules.
By making a will, you can name beneficiaries and make sure that none of your nearest and dearest miss out however this process also works well with people you don’t wish to benefit and receive inheritance. One of the biggest reasons why people decide to create a will is to save their loved ones time, money, and distress during what is already a distressing time.
Your will sets out exactly what you want to happen to your estate, and who you want to take care of it, i.e. Your executor could be family or friends, or could be a professional like an attorney. Your will can include bespoke instructions about funeral arrangements, giving your executors some direction about your last wishes.
In your will, you may also want to make a particular gift, such as a monetary legacy, or specific items or properties in which could go to both individuals and other parties such as an organisation.
This may be especially relevant if, for instance, you have property in your own name, and you are living at the property with an unmarried partner and stepchildren.
If you did not have a will in this circumstance, they could lose the home, since they will not be automatic beneficiaries of your estate. Your will may also provide for whom you wish to name as a guardian for any children you may have. If a will is misplaced then this would be decided by the court.
You may also wish to include instructions about whom you wish to take care of any pets that you might own on your death. By instructing an attorney to prepare your will, they will also take into account any implications for estate tax. They may be able to advise on a specific way to draw up your will in order to reduce the amount of inheritance tax that needs to be paid, and thus potentially increase the amount that is eventually received by your beneficiaries. The lawyer processing your final wishes will also look at whether there is any way to structure your will which may benefit specific beneficiaries.
Itt might not be in a beneficiaries best interests to receive a lump sum and so an discretionary trust could be considered. In this case, money would be held by the Trustee named in the will, and it would be allowed to be distributed to beneficiaries when needed.
It is important to note that you can make a will only if you possess the necessary mental capacity. Many people plan on making a will, but just never make the commitment.
It is possible to make your will a bit future-proof by including backup provisions in case anything happens to your original beneficiaries. However, you may wish to update your will at any time if your circumstances change, and we would recommend reviewing your will at least every couple of years.
Contact us today If you wish to make an appointment to talk about setting up your will, do not hesitate to get in touch with our team of legal specialists today at Berkeley Weston.
