Wills

Making a Will

Making a Will is just one of those things we plan to get around to but never manage to do so until it is too late. There are many good reasons listed below why you should not put this off any longer

• If you do not make a will the law decides what happens to your estate
• You may fail to take advantage of possible tax planning opportunities
• Your estate could incur more tax as a result

By making a will:

• You name your Executors, the people who deal with all the paperwork and procedures.
• You decide who should inherit your estate.
• You can arrange special bequests to specific people.
• You can appoint a guardian if you leave any young children.
• You can set up trusts for your children.
• You can arrange your affairs to ensure that tax liabilities are minimised.
• You can decide what type of funeral you want.

Without a valid Will the Law is in control and what it says might not be a reflection of your wishes. For example:

• If you are married, your husband or wife does not automatically inherit the whole of your estate.
• If you and your partner live together but aren't married the Law favours relatives over a non-married partner.
• Friends and charities do not benefit. There may be additional Inheritance Tax to pay.

Even if you have a valid Will you should consider keeping it updated on a regular basis to reflect changes in your life and taxation. You should also review your Will following significant events such as:

• Entering into a marriage, registered civil partnership or living together
• Moving house, moving abroad or changing jobs
• The birth of children or grandchildren in the family
• The death of your spouse, partner or other member of your family
• On members of your family reaching 18 years
• Before each member of your family reaches 25 years
• Divorce or separation within the family
• On the sale of a family business
• A significant change in personal finances
• On retirement

If you would like one of the Browell Smith & Co team to draft your Will or to review an existing Will, please contact us by clicking here or come along to one of our weekly surgeries.