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Writing a Will
A Will is a formal, legal document designed to set out what you would like to happen after you die. Anyone with assets of any kind should make sure they have a Will in place as without it, the Rules of Intestacy with apply.
In this scenario any assets you have will pass to a prescribed list of individuals which could mean that people who you wanted to benefit from your estate will miss out. This could include children from a previous marriage if you have remarried and siblings, other relatives and friends. Our team regularly advise clients with drafting and updating Wills to ensure that they reflect their wishes.
What is a Will and What Should it Include?
A Will is a formal, legal document designed to set out what you would like to happen after you die. Anyone with assets of any kind should make sure they have a Will in place as without it, the Rules of Intestacy with apply. In this scenario any assets you have will pass to a prescribed list of individuals which could mean that people who you wanted to benefit from your estate, such as your long-term partner if you are not married, will miss out. It could also include children from a previous marriage if you have remarried and siblings, other relatives and friends.
It is worth remembering that a Will doesn’t just cover financial assets. It should also include details about your funeral (if you have specific wishes), details of the executors who you would like to manage your estate and arrangements for any children under eighteen or vulnerable adults who you are responsible for. In this scenario it is wise to appoint a guardian to care for them and it is also a good idea to make financial provision for this.
If you are intending to leave a legacy behind such as a donation to charity, this should also be included in your Will to ensure that all beneficiaries are aware and to avoid any confusion or disputes after your death.
When considering leaving a gift to a charity, it is worth remembering that this will generally be exempt from Inheritance Tax and that it will be deducted from your estate before Inheritance Tax is calculated which could lead to a saving on tax payable. We can advise on what gifts count in this scenario and advise on the most efficient way to leave a legacy to a charity.
When writing a Will and considering your assets, it is also worth considering digital assets and making sure that these are included. This could include anything from blogs, websites and domain names to items of more sentimental value such as photos and social media accounts. There may also be pure monetary elements such as funds held in cryptocurrencies.
Our Private Wealth team has a great deal of experience advising clients with complex financial situations to ensure that their assets are managed effectively and that their beneficiaries are provided for appropriately and fairly. We can guide you through any difficult or technical issues with sensitivity, always keeping your wishes front of mind as we suggest potential solutions to manage your affairs.
Reviewing Your Assets Before You Write a Will
If you own property, the way it is owned will have an effect on how it is dealt with after your death. A property owned as ‘joint tenants’ means that, after your death, your share of the property will pass automatically to the surviving owner(s). Whilst this is generally your partner, this may not fully reflect your wishes.
A property can be owned as ‘tenants in common’ if parties contributed inequal shares to the property and wish to specify the proportion each of them owns. In this case, your share of the property can pass to others according to the terms of your Will.
We work closely with colleagues in the Family and Property teams to ensure that properties are bought and owned in the correct way in order to maintain any assets you have brought to the relationship and to provide for your family after your death. This may include drawing up nuptial agreements or declarations of trust to formalise your wishes as part of your estate planning.
Should I Review my Will After it is Written?
We recommend reviewing the contents of your Will regularly to ensure that it still reflects your current needs. This includes reviewing it after significant life events such as marriage, the birth of a child or following an inheritance.
Should there then be any changes in tax laws or regulations which could have an impact on your Will arrangements, we would contact you to recommend a review of your documents.
If your relationship was to breakdown and you start the divorce or dissolution process, we would strongly recommend putting an interim solution in place to ensure that your assets do not automatically pass to your spouse should something happen to you before the divorce process is finalised. If you are considering separation, we can advise you on your specific situation in conjunction with a member of our Family team.
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