What do I need to consider before making a will?
There are many things to think about before making a Will and these are listed below:-
- The value of your estate
- Who is to be your executor
- Who should look after any children under 16
- Instructions for your funeral
- What special provisions you should make for children with learning disabilities?
This might be the first time you think about your Will. Don’t worry, you can easily make changes to your Will in the future.
Can I leave a house in my Will?
Sometimes people want to ensure that their disabled child can continue living in the family home. There are various legal and practical problems about this. In some cases the disabled person can be given a "liferent". This means that they have the legal right to stay in the house for as long as they are able. You will need to think about how care will be provided, whether there is an outstanding mortgage and how bills, etc will be paid. You also need to decide who will get the house when your child dies or moves out. You should take specialist legal advice before deciding to do this.
What else should I be thinking about apart from making a Will?
Other legal and financial matters
It is unwise to look at writing a Will in isolation. You should think about all of your legal and financial needs. Your solicitor can advise you on financial planning, inheritance tax planning, powers of attorney and guardianships, savings and insurances. It is important to consider all of these issues when planning for the future.
Tax
On death your ‘estate’ may have to pay Inheritance Tax. When you are thinking about making a Will it is important to have an idea of the value of your estate. Your solicitor can then help you plan the best way to deal with your affairs to reduce the amount of Inheritance Tax which will be due on your death.
Insurance
It is important to consider what would happen on your death to the money from any insurance policies you may have. Will any money go directly to a disabled person or can it be put into a Trust? How do you intend the money to be used? Remember, you may have life insurance as part of something else, such as an endowment mortgage or a pension plan.
What happens if my circumstances change? Can I review my Will?
Your Will should not be regarded as being written in stone. You can make changes at any point prior to your death. We strongly recommend that you regularly review your Will to check that it still meets your wishes.
It is also important to appreciate that a Will is not cancelled by your marriage (even remarriage) or divorce. Also, if your Will makes no provision for children and a child is subsequently born then the child can apply to court to have your Will annulled. You should look at your Will again if you get married, divorced, have children or your assets change or grow in value. You should also review your Will regularly if there are any changes in the law.