Making A Will
How do I go about making a Will?
This is the most frequent question that clients ask us. There are of course many reasons why you should make a Will and these apply to whatever your personal situation. However old or young, it is important that you give consideration to making a Will and reviewing it regularly, particularly if your circumstances change.
Whatever happens, don’t just assume that your next of kin will receive everything!
We start off with a short questionnaire which you can complete yourself or we can use as a tool for discussion with us at a meeting with you. Essentially, we aim to explore your wishes and concerns and put those in context with your personal situation.
Do I need financial advice before I can make a Will?
Whilst always useful, it is often the other way round so that you may need further financial advice once we have ascertained your wishes and what you want to achieve. That’s where the questionnaire is really useful. We can help you prepare a Will to ensure that those whom you wish to benefit after your death will do so. If you don’t make a Will you are said to die intestate. Under intestacy rules the people to whom you would like to leave your estate may receive little, or nothing at all, and others may benefit whom you did not wish to do so.
Further, you may want to minimise or avoid paying Inheritance Tax (IHT). When it is payable, IHT amounts to 40% of the total value of the assets which exceed the tax threshold. There are simple things that can be done during your lifetime and under your Will, to reduce or negate any IHT liability. If you have children we can advise you about appointing Guardians or creating trusts in your Will to ensure that they are looked after and your assets are preserved or used for their benefit. Your Will can be prepared quickly and we will charge you from £275 plus VAT for a straightforward Will, and if you and your partner create identical Wills (mirror Wills) you will get the pair at a reduced rate. Please feel free to contact Steven Hickling to discuss your requirements.