What is a Will?
It is a document that enables you to specify what you want to happen to what you own when you die. In the Will you appoint people, known as executors, to be responsible for ensuring that your assets are distributed in accordance with your wishes.

Why you should have one?
If you do not leave a Will, you lose the opportunity to control the distribution of your estate. In these circumstances a set of rules, called the Intestacy Rules, are imposed. These rules specify who will administer your estate and who will benefit from it.

Whether you are married, divorced, separated or single, have children or not, the Rules are unlikely to allocate your assets as you would have wished. For example, the statutory legacy may not be sufficient to pass the ownership of your home or even your share in the home to your surviving spouse.

Bereavement is a deeply unsettling time and the lack of a Will can aggravate this by delaying the finalisation of your affairs. Executors get their authority to deal with your assets directly from your Will so can begin acting straight away. If you do not leave a Will no one will have authority to deal with your assets (in the majority of cases) until the Probate Registry has issued a Grant of Probate to someone.

Wills and Inheritance Tax Planning
Inheritance Tax is essentially a death tax payable on the value of your assets when they exceed a specified sum. This specified sum is known as the “nil rate band” and it is regularly reviewed by the Government. From April this year the nil rate band stands at £300,000.00. Should the value of your estate exceed this figure the excess is charged to Inheritance Tax at 40%. With increasing house prices, ever greater numbers of people fall into this category.

Responsibility
Preparing a Will is one of the most responsible things you can do. Remember this is not something you are doing for yourself but for the people close to you - for those you leave behind. They will be aware of your wishes and take comfort from it. You will also take comfort from knowing this, and from the knowledge that you have prepared a carefully thought out and properly drafted Will.

Summary
Having a properly prepared Will is very important. It provides you with the power to control the distribution of your assets. It avoids potential complications that can arise in the application of the Intestacy Rules. It saves time. It can be used as a tool to reduce or negate an Inheritance Tax liability. Most importantly, it provides your loved ones with comfort during a difficult time.

If you already have a Will consider how long it has been since it was made. Both your circumstances and the law change over time and you should make sure your Will continues to operate as you would wish.

For further information on preparing a Will, please contact Alan at Whatley Lane on 01638 561133 or via email on Alan@whatleylane.co.uk