Wills

From June 2017 Newsletter

Finally,   from our Welfare Officer  some advice on the importance of making a Will!

This is something which can easily slip to the back of the mind; in which case, on death, the deceased's net assets are distributed in accordance with the laws of intestacy (see www.Gov.uk/inherits).   This means that your relatives will inherit your assets - maybe some relatives you don't remember, or some you don't like!  Failing this, your assets will pass to the state.

If you are thinking of making a Will, there are charities who offer a free service for simple Will writing in the hope of a bequest , though this is not compulsory.  These include Cancer Research UK, Amnesty International and Guide Dogs for the Blind.

Many people of course do have a Will.    Many of those may have been prepared decades ago, and maybe it would be of benefit to spend a little time reviewing them!   For instance, where is it?   Will the executor  be able to find it?  Is the executor still willing, competent and able to carry out the necessary duties?  Will the executor have an up to date and comprehensive list of assets and know where to find them?  Don't forget that in today's world many accounts are internet based with no paper record.    What about up to date internet log-in details, passwords etc?  Does the Will still reflect your wishes?    Are the beneficiaries still appropriate;  what about changes in the family, births, deaths, marriages, divorces, grandchildren etc ?

Think of the executor and make his/her job as easy as possible.    If the executor is a professional, the cost of their time will come out of the estate, so keep records up to date and as simple and easy for everyone.    Most couples own their home through 'joint tenancy' which means on the first death the property is automatically passed to the spouse.    If this is not the intention, seek professional advice about having ownership altered to 'tenants in common'.

This gives plenty to think about, but should be well worth the effort.