Key points to consider when making your will

Many people believe that their assets will pass automatically to their nearest and dearest when the time comes but often this is not the case. Making a Will helps ensure you choose who benefits, explains Justin Wallace partner at Brewer Harding & Rowe. Here he sets out seven key issues to consider when making your Will:Â

Who to appoint as executors?Â

These are the people who take legal responsibility for sorting the administration of your estate; making an application for probate, completing tax forms, and preparing estate accounts, or administering trusts. Beneficiaries can be appointed as executors but you do need to consider whether they can cope with the personal pressures that being an executor brings.Â

Funeral wishesÂ

Many people have very specific wishes, others do not want to think about it. By including wishes in your Will you will make things a little easier for those that you leave behind. These wishes do change from time to time so it is important to keep these up-to-date.Â

Who to leave your assets to?Â

This is not always straightforward. Many people are in second marriages or may have children and grandchildren with different needs and expectations. Many people fall into the trap of believing that if they do not have a Will, their partner will be looked after. This is often not the case, especially with unmarried couples and stepchildren.Â

Your digital legacy!Â

When considering your assets don’t forget your digital legacy. More of us bank online, have multiple email accounts and use social media however the large majority have not considered what should happen to their online accounts after their death. Having a list of these in a secure place and possibly a password management system will save time and money.Â

Asset protectionÂ

For some people, creating a trust in their Will is a great way to provide for their spouse or partner while protecting assets from future care costs and also preserving assets for their loved ones. There are different types of trust and it is important to have a clear understanding of these before signing your Will. Do not be afraid to ask questions. You should be able to understand clearly how any trust will operate.Â

Saving taxÂ

At the moment the government receives over £5 billion a year In inheritance tax. A specialist advisor can help you plan and maximise any reliefs due and potentially save tax.Â

CostsÂ

Brewer Harding & Rowe offer a fixed fee for preparing your will and dealing with your estate when the time comes, which avoids any nasty surprises. Be careful of companies offering to allow you to pay for the cost of administering your estate in advance. You may well be paying a company that is no longer in existence by the time you pass away. Your assets may also be significantly less and you may end up paying a lot more than you need to have done.Â

For a free initial consultation contact Stephen Dove or Richard Allin in the Barnstaple Office on 01271 340675, Justin Wallace in the Bideford office on 01237 427503 or Donna McNulty in the Braunton office on 01271 818371.Â