What to consider before creating your Will
When you start thinking about creating a Will it often raises very personal questions:
What should be included in my will?
What do I have to leave?
Who do I want to include in my Will?
Will my estate be subject to Inheritance Tax?
Should I include any funeral plans?
Who can I trust to uphold my wishes after I’m gone?
You should think about these questions in your own time but remember that whilst making a Will is easy to put off, it’s the only way to ensure your wishes are carried out. It may be upsetting to think about some of these things now, but it could save a lot of heartache for your friends and family when you are gone.
When you begin planning your Will it is a good idea to write down estimates of the value of your assets and debts. The value of your estate – what you can leave to family, friends and charity is simply your total assets minus your total debts and any tax liabilities.
Think about the people, pets, charities and organisations you care about most and want to leave gifts to in your Will. Think about whether you want to leave specific items or amounts of money, or a percentage of your estate. Remember that if you are including a gift to charity in your Will it can reduce the amount your estate pays in Inheritance Tax, but you need to include the registered charity number and address.
You may like to include any special instructions you may have, such as what you would like to happen if one or more of your beneficiaries die before you do. If you have pets that must be taken care of when you die, think about who would be willing to look after them. Do you have specific wishes regarding your funeral? Stating these wishes clearly in your Will can make things much easier for those closest to you.
It is worth reviewing your Will now and again to reflect major changes in your life. If you have married, become a civil partner, divorced or had children or grandchildren you may need to amend your Will or make a new one.
Who is involved in creating your Will
You must appoint one or more Executors (up to four) to carry out the instructions in your Will. They can be friends, relatives, legal advisers or even the HorseWorld Trust. You should speak with them before naming them in your Will, as acting as an Executor is a serious obligation. An Executor can act as a witness to your Will, provided they are not a beneficiary – you will have to provide their full names and addresses.
If you have children under the age of 18 you should decide who to appoint as Guardian - someone who is willing and able to take on the parental responsibility. It is essential that you ask whoever you name as Guardian.
We strongly recommend using a solicitor to have your Will written and are delighted to announce a partnership with Wards Solicitors to allow our first-ever ‘Make a Will Week’ to take place from 1st to 5th July 2019.
Solicitors at Wards Keynsham Branch are donating their time free of charge in return for supporters making a fixed donation to HorseWorld Trust.
The donations* are substantially less than the normal charges and will not be subject to VAT. *Single Will £125 or £200 for a pair of mirror Wills.
NB. If your Will is not ‘standard’ and requires specialist tax, trust or legal advice, the solicitor will tell you and agree a fee with you before proceeding.
To book your appointment, please contact Wards Solicitors:
16 High Street, Keynsham, Bristol, BS31 1DJ
Opening Hours: 9am to 5:30pm
Tel: 01179 863 504