Having a Will ensures that you control how your assets are treated; not having one means that this control passes to someone else and while this may work, it just might not.
“Wills are the documents that nobody likes to prepare, but everybody needs. They save a lot of time and a whole heap of questions about what should be done with everything from the small sentimental things to the big things like property, investments and personal items.”
David Cornelius, Partner
What do I need to know?
A Will does not need to be complicated and many clients are surprised about how easy it is to prepare. At Nash & Co we take the time to get to know our clients and discuss matters with them, so we can ensure that they have the Will that works for them and their family.
Why can’t I just do it myself?
A Will is a document you generally prepare now for a long time in the future, and things change. At Nash & Co we talk to you about not just what would happen now but also highlight future potential scenarios that you may not have considered. We can then advise how best to deal with them so your Will is as future proof as possible. There are also many other aspects of planning that you may wish to consider from powers of attorney, probate, tax mitigation and estate administration. It can be complicated, but we work with you to provide straightforward information in simple manner – and we are totally clear on our charges too.
What should I do next?
We have a team of people who are up to date with all of the the latest advice and we are waiting to help you. It will not take up too much time, so pick up the phone and call us now and we will get the ball rolling. In a week or two it can all be done and dusted.
Without a Will in place property can be lost, children may miss out and money can end up with the state. Make a promise to yourself and get it sorted out; what a great feeling to know that the special people in your life will not be overlooked.
It is a document that deals with your estate (everything you own) after you have died. You can change your Will at any time during your life if you wish, as long as you retain the necessary mental capacity to do so.
You must know you are making a Will, roughly know what you own, who might be expecting to inherit from you and give them consideration. You need to not have “a poisoning of the mind or affection”, which means that you need to understand why you are leaving something to a person, or not, if that is the case and not be influenced to make the decision.
You can leave everything you own in your Will, including your savings and your property, as well as things like your personal possessions. You can also include a funeral clause and if you have children under the age of 18, you can include a guardianship clause. Importantly you can choose your Executors, who are the people who will sort out the paperwork in the administration of your estate.
There is no such thing as a “joint Will”, but there can be Wills in mirror terms, which are the identical to each other, other than the change of the change of names.
Mostly houses are held as joint tenants, which means that they pass by survivorship and not via the Will, so unless you sever the joint tenancy, it is not possible to leave your Will to anyone, as it will automatically pass on your death to the other joint owner. This also happens to joint bank accounts, that they pass by survivorship.
If you sever the joint tenancy of the property, assuming it is jointly owned, then you can grant your surviving spouse / partner a life interest and leave the remainder to your children. This will mean that your surviving spouse can live in the property for the remainder of their life, but would not be able to use your half share of the value of the property to fund their care home fees. Your children would inherit your half share on the later death of your spouse / partner.