At a key life event, such as buying or selling a property, it is important to take time to consider your assets and how you would like them to be distributed to loved ones should you die. If you already have a Will in place, it’s wise to review it upon such change in circumstances. It may be necessary to update your Will to reflect such change.
BHW Residential are able to offer an expert Will Drafting service from £99 plus VAT for a Simple Will, or £149 plus VAT for Simple Mirror Wills, for our Conveyancing clients.
Contact us today for more information or to make an appointment.
What is a Will?
A Will is a legal document that expresses your wishes in respect of the distribution of your assets after your death.
What if I die without making a Will?
Your estate would be distributed in line with the ‘Intestacy Rules’ set by the Law. This could mean that your estate may not be distributed in line with your wishes.
Why should I make a Will?
In your Will you can decide who you wish to appoint to deal with your estate and carry out your wishes (your ‘executor’). Being an executor is a big responsibility and you should appoint someone that you trust.
You get to decide who receives your estate and how much of your estate they receive.
You can choose who you wish to inherit your estate should your named beneficiaries die before you.
If you already have a Will, is this still valid? Marriage automatically revokes a Will (unless provision in the Will is made otherwise) therefore if you have married since making your Will, your former Will would be invalid.
If you have minor children, you can appoint Guardians in your Will in the event that you and your partner both die before your children reach the age of 18 years.
You can draft your Will in a way in which is most tax efficient.
Disputes between families can be avoided as without a Will ones wishes are unclear. Disputes could lead to large expenses to the estate and a breakdown of family relationships.
If you have had a breakdown of relationship and do not wish to provide for someone that would otherwise be provided for under the Intestacy rules, you can exclude them from your Will and leave a Statement to be found with your Will explaining why you did not provide for them.
Couples that are not married (partners and co-habitees) have no rights under the law to inherit from their partners estate. If it is your wish to provide for your partner, this must be put in a Will.
You can provide for charities in your Will, should you wish.
You can provide for step children in your Will, should you wish.
Avoid undesirable results that would be out of your control under the Intestacy rules whereby the law would dictate who would receive your estate.
Gain peace of mind knowing that your hard earned money will be inherited by your loved ones.
What do I need to think about when I make a Will?
You should consider who you wish to appoint as executor to deal with your estate and your wishes under your Will.
Who you wish to receive your estate in the event of your unfortunate death. You should also consider replacement beneficiaries should your named beneficiaries die before you.
Your funeral wishes
Whether you wish to make any specific gifts of jewellery, specific items, lump sum amount, gift to charity
If you have minor children, who you wish to appoint as Guardian and replacement Guardian should you and your partner both unfortunately die before your children reach the age of 18 years
We have collected a list of the most frequently asked questions. See if your query has been answered before.
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