Making a Will
We suggest that you use a solicitor to have your Will drafted or updated. The cost is relatively modest and a properly drafted Will means that your wishes will be honoured, thereby minimising the potential for disputes and a potential drain on the value of your estate.
You may want a Will that ensures your assets and possessions are left to those you love and a charity of your choice, like AMMF.
If you die without having made a will this is called dying intestate. Your next of kin would automatically inherit your estate. In many circumstances that would not cause an issue, but there are certain circumstances that can cause problems.
- 1. If you wished for your partner or cohabitee to benefit from your estate, but you were unmarried, they would not receive anything.
- 2. You may wish for certain items to be given to relatives and may have told people before your death that this is the case. If you do not have a will there is no way of ensuring that these wishes would be followed.
- 3. If you have dependent children, you can, through your will appoint someone to be their legal guardian upon your death. This is known as testamentary guardianship.
- 4. You can specify at what age you would wish for any children to receive their inheritance. You may for example decide that age should be 18, or you may prefer for that age to be 25 – dependent upon your views or their situation.
- 5. By preparing a will you can help to avoid any potential family or friend arguments as your will is specifically about your views.
If you decide to make a will it is important to ensure that the will is legally valid. If you decide to prepare your own will this can cause potential problems. Wills must be drafted very specifically and carefully to ensure that they are valid. We strongly suggest that you instruct a solicitor to draft your will for you. Generally, the cost of preparing a will is relatively inexpensive. If you have a larger estate however implications of inheritance tax would need to be considered.
We strongly suggest that you speak to a solicitor when making a will, and for advice and help with the wording of your gift.
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