If you are thinking of making a Will there are several things to think about.
We hope the following will help you in your planning:
Executors / Trustees
Your executors will be responsible for dealing with your estate in accordance with the wishes in your Will and law. They will need to encash your assets and settle the liabilities. They will also be responsible for finalising your tax affairs.
Your trustees are usually the same people as your executors and they will hold money for any minor beneficiary until they reach eighteen years old.
Executors and Trustees can also be beneficiaries in your Will and therefore you can appoint your spouse (and vice versa) in the first instance. If this is the case, you will also need to think about substitution(s).
Burial / Cremation wishes
You do not have to put this in your Will but it is a good idea, especially as your executors will have to make the decision if you have not done so.
Guardians
If you have children under the age of eighteen, you need to consider who you would like to raise your children if you (and any other person with parental responsibility) are not here to do so.
Legacies
Do you want to leave any money or a specific item to a specific person or charity?
Residue
Who do you want to leave the rest of your estate to? You can leave it to one person (your spouse or partner) or a class of beneficiaries such as “your children” or “your nieces and nephews” and if you are leaving your estate to more than one beneficiary, are they to be treated equally or do you want one person to receive one half of your estate and the other half to be divided between more than one beneficiary.
You will need to bring with you full names and addresses for everyone who will be in your Will, whether they are executors, guardians or beneficiaries.
From long experience F Barnes can say that, even if only a simple Will is involved, merely to call us and discuss the matter often brings to mind some forgotten issues.
A friendly discussion with a member of our team can often anticipate events which have not even been contemplated.
Even a short straight forward homemade Will can go badly wrong because of the formalities of making a Will.
Call any member of our Wills and Probate team, Sangeet Tatem, Kevin Sandell, Rachael Fleet, Jodi Hamlin or Roger Philpot on 01708 745183, or email
Romford@fbarnes.co.uk with your enquiry.
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