TOP TIPS FOR MAKING A WILL

APPOINTING GUARDIANS

When the last parent dies - unless specified in their will - a Guardian will be appointed by the court for any children under 18. The law relating to the children of unmarried parents does not presume an automatic right of Guardianship; appointing each other as Guardians in their wills overcomes this problem.

APPOINTING TRUSTEES

If your will involves the creation of Trusts, appoint Trustees you can rely on to manage and invest money wisely until it is transferred to the ultimate beneficiaries. They need an aptitude and ability to deal with financial matters – and should be young enough to be there when their services are required.

MAKE SPECIFIC LEGACIES

Avoid all the arguments about ‘who gets what’ by listing which family heirlooms or items of sentimental value should go to named beneficiaries.

LEAVE A RESIDUAL LEGACY

Once any specific legacies have been assigned, what remains is known as the ‘residual legacy’. This can be distributed in whatever way you choose. For example, this could be to named individuals or favourite charities.

SAVE TAX – CREATE A TRUST

If you are married and the value of your estate is above the so-called ‘nil-rate band’ allowance, your estate could be liable to Inheritance Tax upon the second death – currently 40% on anything above £ 325,000 (2009/10). A Discretionary Trust in your will helps your beneficiaries avoid receiving this unwanted legacy.

 

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