Why is making a Will so important?

Organising your affairs by making a Will, can help prevent confusion and heartache for your family in the future. Graham England, legal expert in Wills, Trusts and Probate law, discusses why this is one of the most crucial steps you can take.

I think the simple answer to why you should have a Will is that it gives you options, choices, something that the intestacy rules will not give you. It’s worth examining some of the choices that a Will gives you to ensure that what happens to your assets is what you want.

Choice of Beneficiaries

The intestacy rules set out in a specific order who can benefit from your estate if you do not have a Will, starting usually with a spouse or civil partner (but not including someone you live with) and then children (not step-children) and then looking at the wider family, such as parents, brothers and sisters and their issue. However, having a Will gives you the opportunity to benefit the family that you wish to benefit, friends or even charities.

You may have specific assets that you would wish to leave to certain individuals for example, treasured family heirlooms, keepsakes, your vintage car, the grandfather clock etc. You may wish to make a cash gift to a neighbour, to a charity, to a Church. Once you have considered those matters then you can move on to the people who will benefit from the bulk of your estate, normally referred to as the residuary estate.

Choosing your funeral arrangements

The Will gives you an opportunity to express funeral wishes. Do you wish to be buried or cremated? Are there certain arrangements that you would like to put in place about the service? While these are only wishes, it is a useful guide to your Executors.

If you have specific or more detailed funeral wishes, such as the type of ceremony you envision—whether it's a traditional service, a celebration of life, or something more unconventional. You might want to specify music selections, readings, or any symbolic acts that hold special meaning to you. It is often best to simply inform your executor of these wishes, although they can be included in your Will or in a separate note.

It can also be a comforting gesture for your loved ones, ensuring that your final farewell aligns with your personal values and beliefs. By clearly articulating your wishes, you offer guidance and reassurance to your family during a challenging time, allowing them to honour your memory in a way that is both respectful and heartfelt.

Choice of Executors

The Executors are people you choose to administer your estate when you are no longer here. Under the intestacy rules, the Administrators will normally be those who benefit. In your Will you could choose friends, more distant relatives, or professionals such as a Solicitor or Accountant to act as your Executors.

Remember, the choice of Executors can have a significant impact on how effectively your estate is managed, so take the time to make thoughtful selections. If needed, consulting with legal professionals can provide further guidance to ensure your estate is in good hands.

Read more on choosing and Executor here.

Children

If you have young children, you can appoint Guardians in your Will to cover their situation should anything happen to you while they are still young. Additionally, it's wise to review and update your Will periodically to reflect any changes in circumstances or preferences. Taking these steps can provide peace of mind, knowing your children will be cared for by loving and capable individuals that you trust.

On the subject of children, if you have children or grandchildren who may be set to inherit under your Will, unless you say anything to the contrary, they will ordinarily inherit at age 18. But a Will gives you the opportunity to suggest that perhaps they should not inherit until they are older, perhaps 21 or 25 for example.

Trusts

Rather than outright gifts, a Will gives you the opportunity to set up a Trust. For example, your house can be held in Trust which may help to ringfence it against care costs or possibly Inheritance Tax.

Trusts can be tailored to meet specific needs, such as providing for a loved one with special requirements or ensuring that younger beneficiaries receive their inheritance at an appropriate age. Additionally, setting up a Trust can offer peace of mind, knowing that your estate is secured, and your intentions are clearly defined and legally binding.

It's wise to consult with a legal professional to explore the different types of Trusts available and determine which one best suits your family's unique circumstances and future planning goals.

Inheritance Tax

Whenever we make Wills for clients, we will consider whether Inheritance Tax is an issue for them. A Will gives you the opportunity to order your affairs in a tax efficient manner, so that as much as possible will pass on to your chosen Beneficiaries.

It is important to review your financial situation and assets to determine the most effective strategies for minimising the impact of taxes. This might include making use of exemptions, reliefs, or setting up trusts.

Discussing your plans with a professional can ensure that your wishes are clearly articulated and legally sound, providing peace of mind that your loved ones will benefit as you intend. Regularly updating your Will to reflect changes in your circumstances or in tax laws is also crucial to maintaining its relevance and effectiveness over time.

Read more about Inheritance Tax Planning here.

How can Hegarty help?

It may be you already have a Will, but how long ago was it made? Has your wealth changed? Have Beneficiaries been born, married, or sadly even died?

We recommend that you look at your Will every 4 or 5 years just to check that it does still carry out your wishes, and if things have changed, make the necessary amendments to ensure that your Will is still giving you want you want.

The bottom line is that an up-to-date Will gives you some control and certainty as to what will happen to your estate when you die and that’s why it’s important to make one.

Our solicitors can help you formalise your wishes in a legal document and advise you on the best way of protecting your assets. For expert guidance and support that you can rely on…Think Hegarty.