Writing a Will provides a legally binding assurance that ensures your estate is distributed to your loved ones in accordance with your wishes as you intended, upon death.
Although it can be a difficult conversation to have with someone, our friendly staff are trained to support and advice you on how to implement your wishes and tailor these to meet your individual circumstances.
Passing away without a Will means that everything you own falls to the rules of intestacy which may not accurately reflect your wishes and can cost your loved one’s a lot of time and money to resolve and settle. Even if you have a small valued estate and therefore you don’t mind who it goes to, it can be surprising how much forgotten items can increase in value over time or how upon talking to a loved one, you find that they’ve always wished to inherit an item that you’d otherwise forgotten about.
Here at Maddison and Morgan, we offer a free half-hour consultation where we can assist you in making the right decisions for you and your loved ones.
Wishes to think about for when you’ve passed away:
- Do you have preference over whether you are cremated or buried?
- Is there a specific item you wish to be bequeathed to a certain person? i.e. a piece of jewellery for the eldest girl of the next generation to inherit or a grandfather clock your grandchild has always adored?
- If the relevant person cannot inherit for whatever reason, would you wish for someone else to inherit this (like their child in example) or would this then fall into residue?
Children and under 18’s
- Who would you wish to look after your child if you pass whilst they’re still a child
- If minors (under 16’s) are to inherit from you at what age would you deem them old enough to inherit 18 or 21?
Property & Finances
- Who would you like to inherit your monies and if they are unable to inherit this who would you then like to inherit this?
- How do you own your property and will this affect who shall receive?
- Would you want a right of occupation to allow someone to remain in the house?
- Will your estate total mean there will be Inheritance tax planning to undergo?
- Who of your loved ones do you trust to deal with your estate once you have passed
This list is not exhaustive and there are many more aspects of your estate that will need to be discussed however it may give you a starting point to thinking about making decisions about your estates future for once you’ve passed.
For more advice feel free to call us or email us.