A Correctly-Prepared Will
Your will is the only document that can speak for you and convey your wishes after your death. That’s why everyone should prepare a Will at some point in their life – in fact, the sooner the better.
When you’re setting up or amending your Will, start by considering these important questions.
1. Who should act as executor of your will?
The person you choose as the executor of your Will is legally responsible for your financial obligations after you’re gone. They decide when to sell your property for the best price if necessary, and ensure inheritance tax and capital gains tax are paid.
Executing your Will isn’t always a straightforward task. For example, you might have a young child who you would eventually like to act as your executor. In this case, it’s advisable to appoint a trustee to manage their trust until they’ve reached adulthood.
You should take the time to choose an executor who you feel is adequately equipped to handle the task. If you’d prefer to spread this responsibility, you can choose more than one person to act as the executor of your Will.
2. Who should act as guardian to your children?
After your death, any children under the age of 18 are typically left in the care of your spouse. But if that isn’t an option, you’ll need to decide who to appoint as their legal guardian. This decision can have a huge impact on the wellbeing of your children, and so it’s important to think about who you feel is best suited to the task.
As this is a big responsibility, you might want to ask a trusted couple to bear it together. In this case, you’ll also need to name the individual who will remain guardian in case of separation or divorce.
3. What is the value of your estate?
If your estate is valued at over £325k (or £650k for a married couple), your assets will be liable for inheritance tax. Currently, this tax stands at 40% on everything above the aforementioned amount.
To prevent unnecessary financial worry for those you leave behind, we provide expert advice on how to keep your inheritance tax as low as possible.
4. Who do you want to inherit the bulk of your estate?
Most people want their spouse or children to inherit the bulk of their estate. But when it comes to inheritance tax, it’s not enough to simply rely on trust.
Many factors can affect the law’s decision when it comes to your inheritance, including remarrying, bankruptcy and care fees. Leaving behind a clear, correctly prepared Will helps you avoid financial issues and ensure your loved ones receive what’s rightfully theirs.
5. Would you like to leave specific gifts to family members, friends or charities?
Your belongings can carry huge sentimental value, and might be associated with particular memories that your loved ones will want to hold on to. But without a correctly prepared Will, the people you care about might never receive your most cherished possessions and heirlooms.
To ensure your family, friends and valued causes receive the gifts you want them to have, it’s vital to create a Will that makes your wishes clear.
“The preparation you had done before hand made the whole experience stress free. Most importantly you listened and took on board my wishes.”
G. Perks (Westbury on Trym)
Prepare a clear and complete Will with Richardson’s Wills
It’s not easy to think about what will happen when you’re gone. And we understand how tough it can be to decide on what would be best for your family.
That’s why we’re always prepared to give your Will the time, effort and consideration it deserves. Our friendly and professional team will guide you through the entire Will writing process at a speed that’s right for you, and make certain you’re happy with the outcome.
The process begins with a free face-to-face consultation in which we discuss the best way forward for you and your family. This could be an in-person meeting in Bristol, North Somerset, or the surrounding areas, or via video consultation for anywhere in the UK. After the meeting, we’ll write to you with details of the best options and the costs involved.
You’re under no obligation to continue with us after our meeting. But if you do, you’ll continue to receive the same level of personal service and face-to-face contact while we prepare a Will that suits your preferences and financial requirements.
For a personal Will preparation service that provides the best for you and your family, get in touch with Richardson’s Wills today.