When seeing a solicitor to prepare your Will, you will be asked for some basic information about you, your finances and family circumstances.
This will allow your solicitor to give you the appropriate advice relevant to your particular circumstances, which might include advice relating to which of your assets will pass under the terms of your Will, inheritance tax, lifetime gifting and the potential for claims against your estate.
Immediate Family
If you have no immediate family or are estranged from your family, then your solicitor will need to know about this and document it on your Will file. This can be a difficult conversation to have, but it is important that you provide this information so that appropriate advice can be given, and steps can be taken to mitigate any potential claims against your estate.
If certain qualifying individuals i.e. a child feels that adequate provision has not been made for them in your Will, then they could make a claim against your estate under the Inheritance Provision For Family and Dependants Act 1975.
Alternatively, they could also seek to challenge the validity of your Will.
Executors
When preparing your Will, you will need to think about appointing executors. It is important that you choose the right people to be your Executors as they will be responsible for dealing with your estate after death. It is important that the Executors are people who you trust.
Usually clients would turn to family or friends to take on this role but you can also consider appointing a professional executor, such as Timms.
If there is a conflict between family members then you may wish to opt for a professional executor to manage the administration process.
Next Steps...
If you would like any further information about making a Will then please contact us on freephone 0800 011 6666 or email us at legal@timms-law.com.
