A Will is one of the most important documents you will sign. A carefully drafted Will allows you to:
Choose your Executors
Executors are responsible for administering your estate and distributing your assets in accordance with your Will. Your Executors must act unanimously, so you must select individuals who can work together effectively and efficiently to avoid delay and additional cost to your estate.
Appoint Guardians
If you have children under 18, you should appoint guardians for them in case all parents with parental responsibility have died. Parental responsibility is not always automatic, even for biological fathers, so you should take advice to ensure your wishes are carried out in the event of your death. If no guardianship provisions are made, decisions relating to your children’s care may be made by the Court.
Select your Beneficiaries
You can leave specific items or set cash sums under your Will and choose who will inherit the remainder of your estate after estate expenses.
The Intestacy Rules
Without a Will, your estate will be distributed under the intestacy rules and the administration may be significantly delayed. The intestacy rules may not cater for your specific circumstances, e.g. if you are cohabiting. The rules also do not always automatically leave your entire estate to a surviving spouse.
When preparing a Will, you should also consider other important factors, such as protecting your estate from potential claims, business and succession planning and ways to maximise your inheritance tax allowances.
For more information, or if you have any other Private Client queries, don't hesitate to get in touch with a member of the team on 01825 762281 or email churchstreet@dawson-hart.co.uk.
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