Making a Will

A Will is an important document for us all to consider and is an important part of lifetime care planning. Many people feel this is something to do later in life but it is an important consideration for all of us. 

We have a wealth of experience in acting for a range of clients from young professionals to retired individuals.

Why should I make a Will?

  1. A Will gives you piece of mind and ensures that your wishes will be carried out and ensures that the persons you want to benefit will benefit.
  2. Without a Will the distribution of assets is governed by the rules of intestacy and they may not automatically pass to your spouse, children or other family members as you wish.
  3. A Will can make provision for modern day family dynamics such as unmarried couples, second marriages, step-children and step-grandchildren which are not automatically included by the intestacy rules.
  4. If there has been any change in your personal circumstances such as a marriage, divorce or the birth of children or grandchildren, then any Will that you made before these events may no longer be valid or may not provide for all of the family members you wish to benefit.
  5. A Will gives your Executors authority to deal with your estate from the moment you die rather than having to wait for a Grant of Representation. 
  6. You are able to appoint Guardians to look after any children you have under the age of eighteen years.
  7. Using your Will you can record your wishes for items of sentimental value, family pets and other possessions that are important to you. 
  8. A Will can allow you to give money to any charities or other organisation that you may support.
  9. A Will allows you to avoid costly disputes for your loved ones.
  10. A Will allows you to mitigate inheritance tax.

What else should I think about?

  1. Make your Will early in life and review it often.  RLE Law offers a free Will review service every three years.
  2. If you are unable to choose an Executor, RLE Law will happily provide this service.
  3. RLE Law offers a free and secure Will storage service for all our clients.

Wills following a second marriage

Whilst there are many things to consider when making a Will following a second marriage especially with children on one or both sides, there is one things that should be highlighted following the introduction of the residents nil rate band in April 2017.

The RNRB is additional relief that can be added to the existing nil rate band (presently £325,000 as at 2020) inheritance tax when a dwelling, home or share of such property is left to a lineal descendant (i.e. a child, step-child or grandchild etc.).

Great care should therefore be taken when drafting a Will to ensure that the RNRB is not lost by the inclusion of rights in the property in favour of third parties who are not lineal descendants.

Proper advice should always be taken to ensure that the relief is not prejudiced by the terms of the Will and to ensure that you make full use of the relief available.

To speak to one of our experts please get in touch