Kent Solicitors

Death is certain, yet the majority of us die without making a Will.

A Will is a statement of how you want your possessions to be dealt with when you die. A Will should be made to:

• ensure your wishes are followed when you die;

• make sure that the right people benefit and not the tax man;

• make sure your dependants are provided for

If you don't make a Will your spouse will not automatically get everything!

It is easy to make a Will. It doesn't take very long and is relatively inexpensive. A correctly drawn Will can minimise the amount of tax payable on your Estate and also save you money.

To make a Will, first make a list of your assets/possessions.

Then consider who you would like to be responsible for your Will on your death - your Executors. Executors should really be younger than you, and therefore more likely to outlive you. They should be trustworthy people whom you would want to deal with your affairs. You can appoint up to four executors and you need a minimum of two if children are to inherit. Many people appoint a close relative or friend and a Solicitor thereby giving the personal and professional input in any decisions that have to be made.

The basic facts

The people who benefit from your Will are called Beneficiaries

A pecuniary legacy is a gift of money e.g. "I give 100 pounds to…"

A specific legacy is the gift of an item. You can distribute personal possessions in a Will e.g. "I give my wedding ring to my daughter Charlotte".

Children must reach the age of 18 before they can inherit what is left to them in a Will. You can raise this age if you wish, but doing this can have tax implications. Until the children reach 18 (or the specific age) the money is held in trust.

You can also appoint Guardians in a Will for your natural and/or adopted children.

You can leave your house to whoever you wish - either within the rest of your Estate or as a separate legacy. If the house is in joint names the Land Registry entries may need to be changed first.

You can leave a life interest in a property that you own - this means that the Beneficiary has the use of the property during their lifetime. but on their death it passes in accordance with the terms of your Will.

You should consider whether anyone could make a claim on your Estate under the Inheritance (Provision for Family and Dependants) Act 1975 - this could include a former spouse who has not remarried, children from a former marriage, anyone whom you have been financially supporting.

For further information telephone Vanessa Adamson at Kaslers on 01622 844607

Labels: Will Legacies guardians beneficiaries