What is a Will?
A Will records your wishes to be observed by law after you pass away. A Will is the first vital step in making sure your estate goes to the right people. However, there are a lot of cheap, online Wills available, which could be considered invalid. Therefore, it is important to make sure you have a legal, valid Will in place. These days, many Wills are combined with Trusts to give you greater protection over your estate, i.e. Will-based Trusts and Advanced Wills. It is worth exploring these options, especially if you have a high value estate or a complicated family situation, e.g. remarriage or living with a partner. Don’t risk disinheritance issues. Will-based Trusts can provide you with Inheritance Tax (IHT) relief and other benefits.
One of the basic functions of a Will is to nominate people to undertake various duties and responsibilities on your behalf after you pass away. This is important if you have children, or you wish to leave anything of value to someone under the age of 18.
Once you have decided upon the important roles such as the Executor, Trustees and Gurdian, you can start to plan your loved one’s inheritance: