Making a Will is something everybody should do. By making a Will you can ensure that in the event of your death your affairs are dealt with by the people that you feel best able to handle such matters. These are your Executors. You can also ensure that the right people benefit from your estate. You can also in your Will, if appropriate, appoint a Guardian to care for any children of yours who are still minors when you die.

If you do not make a Will your estate will be divided in accordance with the rules that govern intestacy and the application of those rules may not result in your estate passing as you would like. For instance, it is assumed by many that on the death of a husband or wife the surviving spouse will inherit the whole estate. That, however, is not necessarily the case. In addition, the Intestacy Rules would not make provision for a cohabiter - even if of long standing, and other people to whom you are close, such as stepchildren and other family members and friends would receive nothing at all.

Making a Will is your opportunity to put your affairs in order by putting the right people in charge and ensuring that the right beneficiary inherits what you wish to leave them. Dying without a Will can leave a legacy of confusion, uncertainty and distress.

When considering your Will, you should also consider any potential inheritance tax liability. The current inheritance tax threshold is £325,000 per individual. By virtue of the introduction of the transferable nil rate band, this means that in many cases on the death of the second spouse (or civil partner) the actual threshold is increased to £650,000. For many people this has taken away, or very significantly reduced, the potential liability for inheritance tax though it is something that should be kept under review and by consulting a solicitor, it may be possible for you to take action to mitigate or avoid a liability in the future. Remember that inheritance tax is effectively a “voluntary” tax that you can legitimately take steps to avoid.

How do I make a Will?

Firstly, you should think about what assets you have in your estate, and where possible, get further details. You should then think about who you want to appoint as Beneficiaries and whether you want to make any specific gifts.

You then need to decide on who you want to appoint as your Executors.

Executors are the individuals who are responsible for ensuring your estate is administered in accordance with the terms of your Will. Executors can be family members, friends and the Executors can also be Beneficiaries mentioned in the Will. The important consideration however is that they are suitable for the role. Being an Executor carries legal responsibilities. The Executors are accountable not only to the Beneficiaries but to the parties who have an interest in the estate e.g. Creditors so it is important that the job is done properly. Oliver & Co provide a comprehensive Executor service.

Once you have decided on how you want to proceed, you should then contact Paul Armstrong to make a mutually convenient appointment to attend our office to discuss our requirements.

We also have facilities in place whereby we can obtain instructions and draft Wills for client’s who do not live locally or require home / hospital visits.