There are various
different kinds of will any of which may suit your particular
circumstances and requirements:
• A simple
Will may leave
everything to a named beneficiary or to children when they attain
a specified age.
• Married couples will often make
Reciprocal Wills whereby they each leave their estate
to the other but, should that other not be alive upon their
death their estate will be left to their children on attaining
a specific age or to other named relatives and beneficiaries.
• Mirror Wills - Married
couples can choose to make identical (mirror) Wills each legally
obliging the other of them (the survivor) not to change their
Will in the event of one of them dying.
• Discretionary Trust Wills
- a Trust is created within the Will which comes into effect
on the death of the testator and into which may be placed funds
and assets up to the current inheritance tax threshold.
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In
your will, you will appoint executors who are responsible for
administering your estate, that is getting in the assets and
paying off any debts including funeral expenses and distributing
the net assets to the beneficiaries named in your will and
in accordance with its terms. Executors may be trusted friends
or relatives or alternatively Alexander & Co may be appointed
in this capacity either to act solely or jointly with a friend
or relative. Using the practice as your Executor will give
you certainty that your estate will be wound up professionally
and with expertise and may help ease the burden of dealing
with detailed paperwork which can fall on loved ones following
death.
Minor amendments to an existing Will can be made by means
of a Codicil, e.g. to revoke a legacy, change an Executor
or add in an extra Beneficiary.
This is a brief summary regarding Wills
and the importance of making a Will cannot be underestimated
in order to ensure that your estate passes to the persons
you wish on death. Please telephone or contact Sarah
Matkin at our office who will provide you with advice
and assistance in all aspects of making your Will to include,
where appropriate, making a home visit with all work being
undertaken in a confidential and caring manner. |
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