As the festive period draws near and shortly thereafter, a new year begins, with new hopes, aspirations and resolutions, it is commonplace to think back on what we have achieved this year and what we hope to achieve in the year ahead.
For many people, the fear of the unknown and considering a time when they are no longer here creates hesitation about taking action. However, it is only by making preparations now that you can have the peace of mind of knowing that, in the event of your death, your loved ones would know your wishes and that your estate would pass to those you wish it to.
Here, to help you plan ahead, we provide an overview of the information you will be asked when making a Will.
1.What assets do you hold and what are their value? – Remember, not only does this include property, bank accounts, shares etc. but also your personal belongings, some of which could hold significant sentimental value meaning that you would want to ensure they are passed on to your particular loved one
2. Who do you wish to inherit your estate? Individuals? Charities? Both? Are there particular loved ones you would like to receive certain personal possessions ? Are there specific sums of money you would wish to leave? What is to happen to a gift if the person intended does not survive you?
3. Who will be the executors of your Will? These are the people who will be responsible for ensuring your wishes are carried out as you have specified in your Will. It is possible to appoint a family member and/or friend or, if you would prefer, you could appoint a professional executor to carry out this important role.
4. Guardianship – In the event of your death, who would you entrust to look after your children? It is advisable to include the name(s) of who you would wish your children to be cared for should you be unable to. We can discuss guardianship in more detail at our consultation.
5. Funeral arrangements – Whilst it is not absolutely essential to include the arrangements and details of what you would like for funeral in your Will, by including any specific requests, you can be confident that your loved ones will be fully aware of your wishes.
6. If you have any business interests or are the sole owner of a business, you may wish to include your intentions for the company, any business assets, etc in your Will. It is also advisable to discuss these with the family / friends whom you intend to inherit the business.
When you have settled on what you want, that’s the first step complete!
All that’s left to do is to speak to a specialist Wills, Trust and Probate solicitor to formalise it all . You can contact our team directly by emailing PrivateClient@psg-law.co.uk, by calling Laura Bywater on 07939 121341 or Gail Galloway on 07399 781788 or via our live chat facility at www.psg-law.co.uk
Your solicitor will discuss your wishes, any inheritance tax planning opportunities and whether it may be in yours or your loved one’s best interests to consider the implementation of a trust.
Don’t delay – contact the team today and have that head start on 2022’s resolutions!