Making a Will

Your Executors act as the legal link between the deceased and the beneficiaries. We recommend that your Will nominates two executors, in case the first one dies before you.

The first Executor can be your spouse, partner or another member of the family. The second Executor can be another member of the family, a friend, or a professional advisor. Many people appoint their Solicitor as Executor to ensure impartiality and to avoid family conflict. This is also important if a Trust is created for young beneficiaries. It is however, entirely up to you.

Being named as an Executor brings with it complicated and sometimes onerous duties when someone dies and often takes months to complete. It is important to choose the right Executor because they are ultimately personally liable for any mistakes made during the course of winding up the estate.

Although not exhaustive, here is a summary of responsibilities:

• Collecting all of the assets of the estate
• Valuing the estate
• Applying for Grant of Confirmation
• Ensuring all debts, inheritance tax, income tax and capital gains tax are paid
• Distributing the remainder of the estate in accordance with your Will
• Recording your actions and provide a copy of the Estate Accounts to the beneficiaries

Careful thought needs to be given to whom to appoint to this role.

Legacies can be either cash or specific items that you wish to pass on. We will need the names and addresses of the beneficiaries and details of the item or sum of money you propose to leave

The residue is what is left after paying debts, funeral expenses, any tax and legacies and normally forms the largest part of your estate.

In normal circumstances everything is left to your spouse or partner; and on the death of the survivor, everything is divided equally among the couple’s children if applicable. If one of the children has died before you, any remaining children would take the share that would otherwise have gone to the predeceased son or daughter.

Other situations require more careful consideration. If one or both spouses or partners have a family from a previous relationship, care must be taken to ensure that one party’s children are not left out because one party dies before the other leaving everything to the other party.

On the death of the survivor, the survivor’s children could succeed to the whole estate (ie both estates) meaning that the family of the first party to die could be left with nothing.

We will discuss ways of drafting the Will so that everything is done fairly and none of the children are prejudiced by the accident of which partner dies first.

If you die when any of the beneficiaries are under an age you specify in the Will (normally between the age of 18 up until the age of 25), a Trust can be formed which provides for investment of the beneficiary’s share; your Executors become Trustees and they have power to apply the income and the capital for the maintenance, education or benefit of such beneficiaries until they attain the age you have specified.

The Trust funds referred to above would help support your children and be used to financially assist their maintenance and education.

You can, if you wish, specify in your Will your funeral instructions.

This is not essential if your family is aware of your wishes but if you have no close family or have specific religious or funeral service requirements, we will include your wishes in your Will.