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Making a Will
Making an up to date will is an important part of Estate Planning. It is important to regularly review your will, especially if your circumstances change.
Many people think that all of their assets will automatically pass to their spouse on their death. If you don’t have a Will then your estate will be distributed under the UK rules of intestacy.
Having an up to date will allows the executor or executor’s to act according to your instructions within the will. A will help's to ensure that your assets are passed to the correct people in a timely manner.
This could include for example the provision to make specific gifts to a family member or beneficiary. A will can also help reduce possible taxation or death duties, also known as inheritance tax.
This is not always the case if you have not made a will.
A will is essential if:
- You have children under the age of 18
- You and your partner are not married (their is no legal entitlement to assets unless they are held in joint names)
- You have children from a previous relationship (without a will assets pass to the children of whoever died second)
- There are any adults dependent on you
- You have assets held in your name only (without a will your spouse or partner has no legal entitlement)
- Not having an up to date wills could create delays in winding up your estate.
It could also mean that the people you would like to inherit your estate do not benefit and they could have to go to court to obtain the proceeds of your estate. This could take time and would be costly.
To see the effect of not having a will please see our rules of intestacy decision tree
Lasting Powers of Attorney
If you hold assets in one name only it is important to have a lasting powers of attorney. This will allow your chosen representatives to act on your behalf if you are unable to conduct your financial affairs.
Will writing service
Consilium Asset Management is now able to offer a comprehensive will writing service. We can also help held with probate issues (including obtaining a grant of probate), living wills, Spanish Wills and trustee’s responsibilities.