Lawson-West solicitors recommend that every adult considers making a Will. Wills outline what happens to your assets, names guardians for any children where applicable and appoints executors who will action your Will.
Things to be considered when making a Will
1. Assets
• Draw up a list of your assets, any joint assets and those of your spouse or partner in their sole name.
• Consider who you want to inherit those assets.
• Whilst you cannot decide who should inherit assets in your partner’s sole name, knowing who they intend to inherit these assets may inform your decisions.
• Inheritance tax may be a consideration, but Lawson-West can advise on this and refer you to Lawson-West Financial Services for further, detailed advice if necessary.
• If you wish to give a specific item such as a picture, piece of jewellery or furniture to a specific person, list these individually giving as much detail as you can.
• If you have children who are now adults and wish to give differing amounts to children, outlining why in a Letter of Wishes may avoid later disputes.
• If you wish to give a legacy to a charity, consider whether you wish to donate a specific cash sum or item or whether you wish to give a proportion of your estate.
2. Children
• If you have children under the age of 18 you will need to consider appointing a guardian in your Will.
• Discuss your choice of guardian with your spouse or partner and with the person you wish to appoint.
• In a Will you can make provisions for step-children and/or children who live with you as if they are your children such as children from a partner’s previous relationship.
• If you wish to give children differing inheritances, e.g. because one child has disabilities which limit their future earning potential, you can draw up a Letter of Wishes which explain your decision and may help avoid later disputes.
• You’ll need to decide at what age children should inherit.
3. Executors
• Normally at least two executors are appointed.
• Executors might be a family member, trusted friend or a professional person such as a solicitor.
• Appointing a friend or family member along with a professional person is generally recommended as the friend or family member will understand your wishes and a professional person can ensure that executing the Will is not subject to unnecessary delays.
Letter of Wishes
This is a document that is stored with your Will that outlines your wishes in more detail, e.g. if you have a specific reason for not giving children equal amounts of your estate or wanting a specific item to go to a specific person. A letter of wishes can provide clarification for executors.
Reviewing your Will
Certain circumstances, such as marriage or divorce, can invalidate a Will so it is a good idea to review your Will regularly, say every five years or so, to check it still reflects your wishes. If you wish to make changes to your Will, speak to a solicitor as it may be you can simply add a Codicil and may not need to have a new Will drafted.
If your family circumstances change, e.g. through re-marriage or separation or the birth of a child, it is worth making a new Will to reflect your new circumstances.
Challenging a Will
There are two ways of challenging a Will:-
1. On the grounds the person making the Will lacked capacity
2. The person making the Will was under undue influence from another person such as a relative or carer.
Alternatively someone who was a dependent of the deceased may be able to make a claim under the Inheritance (Provision for Family and Dependants) Act 1975. Usually such claims are restricted to spouses or civil partners of the deceased, someone who had lived with the deceased as if a spouse for at least two years, a former spouse who did not have a clean break settlement and who has not remarried, a child or anyone who was treated as a child of the family, anyone being financially maintained by the deceased.
If you make your Will with Lawson-West solicitors, we will make sure your Will is as clear as possible and that there are not doubts about the circumstances in which you made your Will to reduce possible challenges later.
If you would like to make a Will, please call 01858 445480 now or complete one of the on-line forms. You can make an appointment at any of our branches in Market Harborough, Wigston or on Uppingham Road in Leicester. We can also arrange a home or hospital visit if you are unable to attend any of our offices due to your ill health.
