Making a Will

A Will is a written document stating what you would like to happen to your estate (this includes property, cash and personal possessions) when you die. You choose the person you want to administer your estate, called an executor and the person or people you want to leave your belongings to, called your beneficiaries. Your Will may also provide information on your domicile, who you want to look after your children and your funeral instructions.

A Will lets you plan who receives what and when.  It is a very flexible document and can be tailored to ensure that your final wishes are met. It also allows someone with a large estate to engage in Inheritance Tax planning.

If you die without making a Will, your estate will be distributed in accordance with the rules of intestacy.  Under these circumstances, an additional Court process to appoint your executor is required.  It is also likely that your estate would have to pay for a compulsory insurance policy known as a Bond of Caution.  The current rules of intestacy have remained largely unchanged for 50 years, and have not therefore kept pace with changing family structures. The lack of a Will can cause unnecessary uncertainty, distress and expense for those who are left behind. 

Making a Will should not be a lengthy process.  One of the biggest myths of all is that making a Will takes a lot of time, energy and money.  In reality, all it takes is an hour or two of your time and normally it is a fairly straightforward process.

Whilst it is important to make a Will, it is equally important to regularly review your Will.  Changing personal circumstances over time such as divorce, marriage, remarriage and having children are likely to mean that any existing Will you have needs to be updated.  By regularly reviewing the terms of your Will, you will be reassured that your estate goes to the person or people that you want to receive it.

Once signed, your Will must be kept in a safe place. At Harper Macleod LLP, clients typically opt to have the original Will stored in our fireproof safe and have a copy sent to them for their records. If you would like to hold the original, however, it is your right to do so.

Our experienced solicitors will be happy to discuss all of the available options to help you make suitable arrangements whilst maintaining your wishes for the future. The key to successful estate planning is not only to start early but to re-visit the plan at regular intervals so as to ensure that your wishes are continually met, no matter what life may throw at you. If further advice on this matter is required, please contact us on 01463 795019.