Your Will is an important document. It describes what you would like to happen to your estate following your death, and would normally cover bank accounts, investments, your home and your personal
possessions as well as setting out your funeral wishes. Making a Will means sorting out your affairs is easier and clearer for your family.
Ok, so what does a Will do?
A Will allows you to set out very clearly exactly what you want and can make dealing with your affairs much easier for your
family. Having the right Will means that:
- Your estate will be left to whoever you wish
- You can ensure your wishes are carried out
- You can ensure your Will is tax efficient
- If you have children, you can specify who you want as their guardian
- If you are not married/ in a civil partnership, you can ensure your partner benefits from your estate, as ‘common law’
partners have no automatic rights like spouses
- You can specify who you want to administer your estate
- After your death the administration of your estate is easier to deal with.
There are various types of Wills available and choosing the right type of Will for you is imperative to ensure your
wishes are fully carried out.
Points to Consider when you make your Will.
- Who you want to deal with everything following your death - these are the executors
- Who you would like to look after any children you have - legal guardians
- Any gifts or legacies you wish to make
- What you would like to happen to the rest of your estate - the residuary estate
- Set out your funeral wishes (however these aren't binding so it's important that you speak to your executors).