If you die without a will the State decides who inherits your assets. Making a will determines what will happen to your assets in the event of your death. It is especially important for parents of children to make a will, as otherwise there will be uncertainty as to who will care for the children, and the courts may have to intervene.
You should consider the following when making your will:
An executor is responsible for ensuring that your wishes are carried out and that your assets are distributed to your beneficiaries.
If your children are under 18 your assets must be looked after by trustees.
You should appoint guardians to look after your children until they are 18. Guardians become the legal parents of the children.
If you have valuable assets your next of kin may have to pay inheritance tax. We provide an estate planning service, and will advise you on how to minimise these taxes.
You may wish to give gifts of money and other items in your will, or donations to charities.
We are happy to discuss any questions you may have about making a will. We would encourage every adult to make a will, as “we know not the day or the hour”. When you have signed your will you may change or add to it as often as you wish.