Wills

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Wills

Many of us are uncomfortable thinking about death – which is why some people delay making a will until it’s too late. Not only can this create problems for your grieving family, it may also lead to some of your money and assets going to people you didn’t intend, or even to the State.

The billionaire aviator turned recluse, Howard Hughes, failed to make a will. The result was 15 years of legal wrangling before his fortune was handed out among his surviving family.

Admittedly, few of us are as wealthy as Hughes! But the same principle applies: not making a will can lead to results that were not in accordance to our wishes.

Making a will can be quite straightforward, and can ensure that your wishes are followed out to the letter. Here are our top five tips on will making:

1. Don’t do it yourself

DIY is fine for home improvements, but not for estate planning. Lawyers make far more money sorting out badly drafted wills and claims against them than they do for drawing them up.
2. Choose your executors wisely

Executing a will is a responsible and demanding role, so make sure you choose people who can handle it – and are happy to do so.

3. Save tax with a trust

If you are married, you can include a discretionary trust in your wills. This simple act could save your children more than £100,000 in Inheritance Tax in some cases.

4. Sign your will

A will that isn’t signed in front of two independent witnesses is not valid. A witness cannot be anyone mentioned in the will or married to such a person.

5. Store it safely

Ensure your will is stored in a proper safe storage facility, to prevent it being lost, stolen or damaged. This also guarantees that it can be found when needed; your executors will receive a certificate telling them where your will is stored and how to get hold of it if you die.

For more information on how we can help in this area, contact us today.