Leonard Kasler & Company
Leonard Kasler & Company
Making a Will
(20 Things to Know)
1. Death is certain, yet the majority of us die without making a Will
2. A Will is a statement of how you want your possessions to be dealt with when you die
3. A Will should be made to:
3.1. ensure your wishes are followed when you die
3.2. make sure that the people you want to benefit do so, not the tax man
3.3. make sure your dependants are given the best possible deal
4. If you don't make a Will your spouse will not automatically get everything!
5. It's easy to make a Will, doesn’t take very long, is relatively inexpensive and could save you £1,000s
6. To make a Will first set out details of your assets
7. Think about who you would like to be your Executors
7.1. Executors should really be younger than you, and therefore more likely to outlive you
7.2. They should be trustworthy people whom you would want to deal with your affairs
7.3. You can appoint up to 4 - you need a minimum of 2 if children are to inherit
7.4. Many people appoint a close relative or friend and a Solicitor thereby giving the personal and professional input in any decision that has to be made.
8. The people who benefit from your Will are called Beneficiaries
9. A pecuniary legacy is a gift of money e.g. "I give £100 to…"
10. A specific legacy is the gift of an item. You can distribute personal possessions in a Will e.g. "I give my wedding ring to my daughter Charlotte"
11. Children must reach the age of 18 before they can inherit what is left to them in the Will. You can raise this age if you wish e.g. 21, 25 .
12. Until the children reach 18 (or 21/25) the money is held in trust
13. You can leave your house under your Will to whoever you wish - either lumped together with the rest of your Estate or as a separate legacy
14. If the house is in joint names the deeds may need to be changed first
15. You can leave a life interest in a property that you own - this means that the Beneficiary has the use of the property during their lifetime but on their death it passes in accordance with the terms of your Will.
16. Inheritance Tax is payable on the value of your Estate over £223,000 at the rate of 40%.
17. A correctly drawn Will can minimise the amount of tax payable on your Estate e.g. by spouses equalising the Estate.
18. You should consider whether anyone could make a claim on your Estate under the Inheritance (Provision for Family and Dependants) Act 1975 - this could include a former spouse who has not remarried, a children from a former marriage, anyone whom you have been maintaining.
19. You can appoint Guardians in a Will for your natural and/or adopted children
20. Can you afford not to make a Will ?
Michael Breeze
Leoanrd Kasler & Company
Sunday, 13. October 2002