Making a will

An introduction to making a will. Nikki Falase. Sunday 22 October 12.30-13.30 Lazers room.

  • Why we should make a will 
  • Most people want to have control over their possessions even after they’ve passed. If we do not have a will, the law will decide what happens with our possessions. This may not be inline with your wishes, which is a shame as we all work so hard for the things we own.
  • Having a will is also important as it allows us to tell our loved ones how we want our bodies to be dealt with when we’ve passed and also our funeral wishes.
  • Making a will is also useful for tax purposes. Most people want to be able to pass their belongings to their loved ones without burdening them with a huge tax bill or without their estate decreasing in value due to the tax.
  • How to make a will
  • Making a will seems like something so simple- possibly something you think you could do yourself. However, it is important to go to the right people, whether that is a lawyer or an estate planner.
  • There are a lot of companies and individuals who offer will writing services at very low costs and sometimes at extortionate prices. Therefore, it is important to look around and research before making any decisions. Checking online reviews is a great way to do this.
  • The best way to start is to think about what you own and where you would like them to go. You might also want to speak to family members about your wishes as they may have some suggestions that will be helpful to you.
  • What kind of things might go into a will
  • In a basic will, the main things that will be included are who your executors will be, your funeral wishes, a guardianship clause if you have any children who are minors, any gifts of cash or personal property and lastly where you would like the bulk of your possessions to go after all debts, funeral expenses and tax etc have been paid (known as your residuary estate).
  • The basics of probate and inheritance tax
  • Probate is the legal and financial process involved in dealing with the deceased’s assets.
  • The basic process of probate is :-

– Collecting all property of the deceased;
– Paying all debts, claims and taxes owed by the estate;
– Collecting all rights to income, dividends, etc.;
– Settling any disputes; and
– Distributing or transferring the remaining property to the legatees.

Inheritance tax

Inheritance tax is a tax that is due on the estate when someone has died.
We have an allowance of £325,000 to gift away, however anything after that is taxed at 40%.
  • What next? Costs, solicitors etc.