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What happens if I do not make a Will?

If you do not make a will you die "intestate" and your estate (that is your property and possessions) will be distributed according to the law, rather than according to your own wishes. Ultimately if there is no will and you have no known relatives your estate will go to the Crown.

If you make a will you can avoid this happening.

You may not think that you have a lot to leave but if you were to add up the value of your possessions and property you may be surprised. You may even find you need tax advice.

A will can help safeguard your children's future, appoint guardians and make provision for their needs.

A will is essential if you want to make a gift to somebody beyond your immediate family.

At a time of bereavement, a will can save your family a considerable amount of worry.

How do I go about making a Will?

It is quite simple. Make a list, either in your mind or on paper of what you own. Then, decide what specific gifts you wish to give to people and what you wish to do with the remainder of your property. It is not necessary for you to mention every item you own in the will.

Do I need a Solicitor to draw up my Will?

It is possible to draw up your own will but it is inadvisable. If your will is unclear it may not have the desired effect. Young&Pearce are aware of the pitfalls of drawing up a will. They can advise you on inheritance tax and provide you with all necessary guidance.

Cost

Young and Pearce recommend that you will save money in the long run if you have your will professionally drawn up by them. In most cases, the cost of making a will is often surprisingly modest.  Individual quotations can be given on request.

Who should be the executor of my Will?

The executor is the person who takes charge of the administration of your estate. This can be a complicated job. You can have up to four executors.

You can choose your executors from among the following:-

• Friends and/or members of your family;
• Solicitors; or
• Banks

It may pay to appoint a professional, depending on the circumstances. Young and Pearce can advise.

What about changing my Will?

You should make a new will if your personal circumstances have materially altered; for example, if you have married, become divorced, if there has been a birth or death in the family or major changes in your property.

Young and Pearce will provide a quick and efficient service. We will also store your will, free of charge.

Please contact Duncan Godfrey or Rosemary Churm for more information.