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It is only by making a Will that you can ensure that the assets you have worked hard to acquire during your life pass in accordance with your wishes when you die.
If you do not make a Will then the law imposes certain rules, known as the rules of intestacy, which determine what happens to your estate. The way those rules operate in your individual circumstances may be different from your wishes and this may cause difficulty for the individuals you intended to benefit.
Executors are the people you appoint in your Will who are responsible for administering your estate in accordance with its provisions. It is therefore important to ensure that the person or persons you appoint are responsible and trustworthy. Just one executor can be appointed but it is advisable to appoint at least two (up to a maximum of four) in case the executor died before you or is unable or unwilling to act. Executors can be family members, including children if they are over 18, friends or professionals, such as solicitors.
In your Will you can specify who will look after any minor children in the event that you are the sole surviving parent.
You should consider who will benefit under your Will. Beneficiaries broadly fall into two categories. A beneficiary can receive a fixed amount or a particular item – known as a legacy – or a share of your estate after all debts, expenses and legacies have been paid. Your Will can also say what is to happen should a beneficiary have died before you. mfg are happy to advise and guide you through the options.
For more information on Wills or to enquire about our free initial consultations please call to speak to one of our friendly experts.