“ I have not made a Will, I really must get round to doing that …….”
Making a Will is a sensible thing to do even if you believe you do not have anything of value to leave. If you are a homeowner, have small children, are part of a blended family, or are unmarried but living with your partner, then making a Will gives you peace of mind knowing that those that you wish to inherit in the event of your death actually do so.
Matters to consider when making a Will include:
- appointment of Executors ; Executors are the people who administer your estate after your death. They can be anyone you choose, for example, your husband, wife or partner, your son or daughter if over 18 at the time of your death, a relation or close friend. Executors must be over the age of 18. You can appoint up to four Executors and you should consider whether the Executors you appoint can work together. It is sensible to consider substitute Executors in the event that the Executors you appoint die before you and/or are unable to act.
- whether you wish to be buried or cremated; if you do not have a preference then your Executors will decide what they feel is the most appropriate at the time.
- appointment of guardians for any children under the age of 18. They could be appointed to act on your death if only you have parental responsibility or once you and your partner have both passed away.
- if you wish to leave any specific gifts upon your death, for example, jewellery, paintings, items of sentimental value or gifts of money then you can do so within your Will.
- you should give serious consideration as to who you wish to receive the rest of your estate and again consideration to who you would wish to inherit in the event that your first choice dies before you.
In England, Wales and Northern Ireland your Will is cancelled automatically if you get married or enter into a civil partnership after you have signed the Will unless the Will contains specific provision that it is being made in contemplation of marriage or civil partnership.
If you do not make a Will your next of kin must apply to the Probate Registry for the power to deal with your estate known as Letters of Administration. Where there is no Will the rules of intestacy will apply which provide for your estate to pass to specific people. This may result in people who you would not wish to benefit, inheriting on your death. This can be avoided by making a Will and specifying who you wish to benefit in the event of your death.
People who are co-owners of property hold it either as joint tenants or tenants in common. Married couples or those in civil partnerships are usually, but not always, joint tenants. This means that when one of them dies, the other one automatically becomes the owner of the whole of the property. A joint tenant cannot make a gift in a Will of his or her share of such joint property as this property automatically, regardless of the Will, passes to the other co-owner. It is possible to own a property as tenants in common. This means that owned property is divided into shares and when one of the owners dies his or her interest in the property forms part of his or her estate and can be left to someone specific rather than passing automatically to the other joint owner.
To be a valid Will the document must be signed by you in the presence of two independent people over the age of 18 who have no interest in the Will. Whilst preparing a Will for you, we ensure that once approved by you, the Will is appropriately witnessed at our office.
For peace of mind that your loved ones will benefit in the event of your death, making a Will is a sensible course of action.
If you wish to contact us for assistance in this matter please do not hesitate to email info@rjtsolicitors.co.uk or call us on 01257 228027 to make an appointment.
