Your Will is your opportunity to set out your wishes for how you would like your estate, which includes all your assets at the date of your death, to be managed and divided. Will drafting can be a complex process and every individual's situation is different. By instructing Anthony Gold to prepare your Will, we will ensure that your Will is both valid and provides for your wishes. Wills Week presents a great opportunity to get your Will in place.
Ensuring your wishes are respected
Your Will is an opportunity to express any funeral wishes you may have, or who you would like to appoint as the guardian to any minor children in the unfortunate event that there is no surviving person with parental responsibility.
Having a Will also enables you to appoint executors. These are the individuals who you would like to administer your estate following your death. You can appoint friends and family or even a professional firm like Anthony Gold Solicitors to act as your executors. It is important that you appoint people who you trust, as they are responsible for organising your funeral and the payment of any debts or tax bills, along with distributing the assets in your estate to your beneficiaries in line with your wishes.
Your Will allows you to leave your assets to named individuals of your choosing. These are your beneficiaries, and they can be whomever you choose such as friends, family and charities close to your heart. In your Will, you can gift a fixed sum of money, a percentage share of your remaining estate or even a specific asset or personal item. For example, if you have a pacemaker, there is the option to gift it to a dog's charity in your Will.
With so much to consider, we recommend everyone takes legal advice before writing their Will.
Estate Planning
It is important that, before writing your Will, you take advice on any inheritance tax (IHT) implications which may affect your estate. These rules are complex and the amount of IHT your estate may be liable to pay is dependent on its size, the identity of your beneficiaries and the types of assets within your estate. By meeting with one of our expert solicitors, we can offer you tailored advice with a view to preparing a Will for you that is as tax-efficient as possible in your circumstances.
Reduces stress and difficulties for your loved ones
Your Will, in setting out your wishes, provides clarity for your loved ones, reduces conflicts and makes it easier for those responsible for the administration of your estate. In addition, by taking advice from our solicitors, you can be advised about any potential future claims which could be brought against your estate, and how best to structure your Will to avoid this risk.
If you pass away without a Will, your estate will be dealt with according to the intestacy rules. These are highly restrictive rules which only entitle spouses or civil partners and direct descendants to benefit from your estate which may not accord with your wishes. Therefore, by making a Will you can ensure that all your loved ones are provided for.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
