Bicester Wills

WHY MAKE A WILL?

There are many reasons why nearly two-thirds of Britons put off this seemingly arduous task. But designating a day for a little unpleasantness can help relieve many days of heartache for loved-ones in the future.

The benefits
If you die without a will you run the risk of leaving behind a trail of stress, professional fees and even family feuds.
For example, once all of your liabilities have been accounted for, such as outstanding loans or overdrafts, your remaining assets will not automatically go to your current spouse if you are without a will.
If you have no children, the law entitles your spouse to the first £450,000 of assets, and 50% of the remainder - the rest could end up with your parents, brothers and sisters and other relatives.
The worst-case scenario is if you die single with no children. In this instance, and in the absence of any other surviving relatives, your entire estate and possessions are likely to be passed to the Crown.

Tax
Depressingly, the two certainties in life sometimes come knocking together and this is when your beneficiaries (other than your spouse) are stung for Inheritance Tax (IHT). The threshold at which this tax is payable is now £325,000 (tax year 2009/2010) and is set at a hefty 40%.

Making a will
It is widely recommended that you pay a solicitor or Will Writer to draw up a will on your behalf, especially if you think it might be complex. For a typical fee of around £100-200, this will ensure your will is watertight and legally valid. 

However, there is also the DIY option. You can buy a template of a will in a stationers and simply fill it in yourself. However, to ensure it is valid, you will need two independent witnesses – or just one if you live in Scotland – who will have to sign at the same time. A witness cannot be a beneficiary of the will, or be married to someone mentioned in the will.
You will also need to specify your choice of executor. This is the person who will deal with dividing up your estate and possessions when you die.
If you do not designate an executor, the state will appoint a solicitor to do this for you – and for a fee. By contrast, an executor can, and usually is, a beneficiary of your will. It is preferable to have more than one executor in the event of one of them dying before you.
You will then need to give precise details about all beneficiaries and what you are leaving to them. You should include their full name and their relationship to you as well as being very specific about any possessions you are leaving them. The clearer you are now the less likely it is that problems will arise in the future.
If in doubt seek advice from a Solicitor or Will Writer.  To find a professsional Will Writer contact the Society of Will Writers who can put you in touch with one in your area.

If you live in the Oxfordshire area conatct me - Gail Church of Bicester Wills - and I will be happy to offer you a free review of your exisitng Will or discuss what you need to put in place.

Gail Church
Bicester Wills
01869 244329
www.bicesterwills.co.uk