Galvin Legal
Many of us find the thought of making a will challenging and unsettling. It reminds us of the fact that we will not be here forever. I believe I can make the process as easy and stress free as possible. We take out insurance for our homes and our possessions, and I believe we should think of making a Will in the same way.
If you’re not sure whether you would benefit from having a Will in place, or you don’t know what you could or should include, here are some of the things you might consider:
Why make a Will?
Control – a Will allows you to decide who should sort things out when you are gone. It allows you to decide who should benefit from your estate, and by how much (your estate is everything you own at the time of your death, less any funeral costs and debts you may have). Just as importantly, it allows you to say who should NOT benefit from your estate.
If you have items of particular value, financial or sentimental, you can specify who gets them, so they are not simply included with everything else and shared out accordingly. You can also stipulate the kind of funeral you want, for example whether you want a religious ceremony, or say how people should dress. You can also leave money for a wake…
Certainty -
Tax issues – it may be that your estate is taxable, that is, Inheritance Tax may have to be paid. There are steps you can take to manage and reduce any potential tax liability.
Peace of mind – if you have made a Will, you can rest easy, knowing that you’ve got everything in place should something happen to you (just like insurance.) And your friends and family can also be confident that your estate will be handled just as you wanted.
What happens if you die without a Will – this is described legally as dying intestate, in which case the law decides where your estate should go. This may not be what you want, but without a Will you have no control over who benefits from your home, savings, etc.
Wills
Making a Will – things you need to think about:
* Who will be your executor? This is the person who sorts everything out when you’re gone. Make sure it’s someone you trust and also that they will be up to doing it. It can be a time-
* If you have children under 17, you need to think about who would look after them if both parents were gone. Would you want to put money aside for their education, etc?
* Who do you want to receive your worldly goods? If they’re under 18, any money would need to be looked after until they come of age. You can stipulate any age for them to receive money, but the law says that once they reach 18, they can demand their inheritance. Most parents of children under 18 don’t tell their children about this!
* What are your assets? This includes house, mortgage, savings, shares, life assurance, pensions, any antique furniture or pieces of art that are of value. Are there particular items that you would like to go to particular people?
* Might you be inheriting from parents at some time in the future? Of course, you don’t know when that might be, but it’s important to factor it in when considering if you might have Inheritance Tax to pay on your death.
* What sort of family set up do you have? If you have children from a previous marriage, would you want them to receive a larger share of your estate? If so, how would you want to provide for your new spouse? Do any of your children have ‘issues’ that would put their inheritance at risk? Are they in a relationship where you wouldn’t want their partner to gain access to an inheritance?
There are certain people who are entitled to make a claim against your estate if you haven’t made ‘reasonable provision’ for them in your Will. If something like that happens, it can be very expensive and cause delay and a lot of stress.
I can advise on all of these issues and ensure you and your assets are protected as you want them to be.
You can email me at galvinlegal@outlook.com or
call me on if you would like to chat.
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