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Wills

Making a Will with The Specter Partnership is simple, and will protect the future of your loved ones.
Our prices start from as little as £35... to find out more please contact us or call 0800 019 3460.

A Will is legal document in which you state what you would like to happen to your assets after your death and who you wish to appoint to manage your affairs and discharge any liabilities. Your assets can include your home, savings, shares, cash, jewellery and all other personal possessions. Examples of liabilities include any outstanding loans, such as your mortgage, credit card balances, household bills and the cost of the funeral.

You may make minor amendments to your Will, for instance by altering the specific gifts made or changing the appointed executors, by executing a codicil to be attached to your Will. It is a good idea to review your Will every three years or so to ensure that it still reflects your wishes and to amend it, either by way of a codicil or by making a new Will, to take account of any change in circumstances.

For a Will to be valid and legally enforceable it must comply with the Wills Act. As your solicitors, we will advise you accordingly.

Intestacy Rules

If you do not make a Will then you would die intestate. This means that the law of probate will dictate who receives your assets on your death. Most people assume that when they die their spouse or civil partner will receive all of their assets but this is not the case. For example, if you die intestate with children, your spouse will only be entitled to a statutory legacy of £125,000.00, your personal possessions and an interest in half of the remainder. Your children will receive the other half, in equal shares if you have more than one child. This may not leave your spouse adequately provided for and may also mean that your children could potentially inherit a large amount of money at 18, which may not be desirable.

If you are not married or do not have a Civil Partner then, in the absence of children, your parents will inherit your estate (in equal shares if both parents survive you) and, failing this, your siblings or remoter relatives. Again this not be ideal if, for example, you have an unmarried partner.

If you have children you may also want to appoint a legal guardian to care for your children in the event of your unexpected death.

If you and your spouse both have children of previous relationships, then the intestacy rules could result in your own children inheriting nothing on the death of the survivor of you. If you die first, interstate, then the bulk of your estate will pass to your spouse.

On the death of the survivor, also interstate, his or her estate will pass to your spouse's family, to the exclusion of your children. A properly drafted Will can ensure that your children inherit from your estate, whilst making adequate provision for your spouse.

Effect of Marriage, Civil Partnership and Divorce

Marriage and Civil Partnership will revoke any Will made before the wedding or registration of the Civil Partnership unless the will are expressly state to have been made in expectation of Marriage or entering into a Civil Partnership and the intention not to revoke is clearly stated in the Will. It you are intending to marry or enter into a Civil Partnership, you must tell the Solicitor drafting the Will for you.

Divorce does not, as some people believe, revoke an existing Will. However, as an ex spouse is deemed to have died on the date of the divorce, any legacy to your ex spouse, or appointment of your ex spouse as an Executor, will fail. If you still wish to leave a gift to an ex spouse or appoint him or her as an Executor, you must make a new Will after the Divorce. It is important to keep your Will up to date to ensure that it reflects your wishes as circumstances change.

Taking the time to have a Will drafted may prevent numerous problems when you die and also ensure that your assets are left to the beneficiaries that you wish to receive them. This could help to prevent stress and upset to your family at an already difficult time.

Reasons to have a Will

There are a number of reasons why it is important to make a Will and we have listed some of the reasons below.

  • Your assets will be left to your desired beneficiaries and not in accordance with the intestacy rules.
  • You can choose who to appoint as Executors to deal with the administration of your estate upon your death and give your Executors the administrative powers that they need to put you wishes into effect.
  • Guardians can be appointed to care for your children if they are under 18 years of age.
  • You can state how you would like your funeral to be arranged and what you would like your family to do with your body.
  • You can provide for any favourite charities and make gifts accordingly.
  • You can make gifts of your personal items such as jewellery that may have a sentimental rather than just a monetary value, as well assets such as shares and investments.
  • You can help reduce the Inheritance Tax liability.
  • If you are engaged in business you can say what you would want to happen to it after your death.
  • If you are co-habiting then you can ensure your partner is adequately provided for.

How can the Specter Partnership Help?

We are able to offer a comprehensive servics in relation to the drafting of your Will and if necessary Inheritance Tax Planning.

Please contact us on 0800 019 3460 to discuss your requirements.