According to fictional Chinese-American detective, Charlie Chan, “Death [is] the one appointment we all must keep and for which no time is set.” But while these words of wisdom are true, at Peace of Mind Services, we help you make plans for the inevitable.
We all know that whatever we acquire in life, we can’t take with us when we go—leaving us with little alternative but to arrange our affairs to ensure that the execution and distribution of our estate is handled with the utmost care and attention to our wishes.
So Who Can Make a Will?
Anyone 18 years of age or older can make a last Will and Testament, providing that he or she has the mental capacity to understand the nature and implications of his or her actions.Why Should You Make a Will?
Life has a habit of throwing up surprises. You should prepare and update your Will on a regular basis. Here are a few good reasons why:- To give your family and loved ones peace of mind.
- To avoid unnecessary bickering, family feuds and arguments during a time of great pain and heartache.
- To make sure that your estate can be distributed quickly and with a minimum of legal costs attached.
- To ensure that your assets go to the people you choose.
- To reduce the burden of inheritance tax on your family and friends.
- To protect the value of your home from potential future care costs.
- To give a gift to your favourite charity or cause tax-free (UK-only).
Further benefits of an up-to-date Will:
- Say who should receive your asset; and if you have children when they should receive their inheritance.
- Appoint people you choose and whom you trust to act as your Executors.
- Ensure that the person with whom you live but to whom you may not be legally married is not left in financial hardship as a result of your death, because under current UK rules your partner cannot inherit from your estate unless there is a Will.
- Ensure that any stepchildren or others you may be related to through marriage and whom you may regard as family can inherit from your estate.
- Ensure that your estate does not pay more Inheritance Tax than is absolutely necessary.
Making Your Will
The requirements of your Will must be understandable to your Executors, and most importantly, to the Probate Court. This is important—and should ensure that your Will is approved quickly with the minimum of fuss, including the reduction of potential problems that may cause possible delays and further hardship to your loved ones during their time of need. Some crucial questions to consider:
- The Appointment of Executors
Who would you like to act on your behalf; it can be a family member or friend. - Appointment of Guardians
If you have children under the age of 18 years, you should appoint guardians. - Property Rights
How you own your property will determine how it passes on after your death. If your property is owned as ‘Joint Tenants’ your share will pass to the survivor automatically. If you wish to pass your ‘interest’ in the property to your children, or others, your property should be held as ‘Tenant in Common’. - Specific Gifts
You will need to decide if you wish to leave any members of your family or friends a special gift. - Monetary Legacies
This is a gift of money you may wish to leave to someone other than your spouse or children. This can include gifts to your favourite charity. - Residuary Legacy
This covers the remainder of your estate, which can pass to anyone you wish. - Funeral Wishes
