Wills

Many of us are put off by the idea of making a Will because it forces us to consider our own mortality. However, if you do not make a Will, you have no control of what happens to your estate and to whom it is left.

Under the Intestacy rules, the law will decide who will inherit your estate, but it may not necessarily be what you would have wished for or be in the interests of your loved ones.

Making a Will allows you to:

• Put your affairs in order and take advantage of any Inheritance Tax saving opportunities to try and reduce such liability, i.e. by incorporating a Nil Rate Band Discretionary Trust.
• Appoint Executors to organise your affairs after your death and distribute any bequests you have made.
• Appoint guardians for any children you may have who are currently under the age of 18.
• Appoint Trustees to look after and manage any money left in trust for any beneficiaries (such as children or grandchildren) until they reach the age when you think they can take control.
• Provide special legacies to individuals or charities.

If you already have a Will, we recommend you review your Will on a regular basis to ensure that it continues to reflect your circumstances and wishes. There are times when your circumstances can change that can affect the validity of your Will, such as marriage or divorce or you may wish to update your Will if there has been a birth in the family or a death, i.e. of one of your Executors or a beneficiary.