Wills & Trusts Department - Wills

Many people put off making Wills in the mistaken belief that everything will go to their "next of kin". Up to a point that is true - but not everyone's view as to who is their "next of kin" is the same as Parliament's.

It isn't always your spouse and is never your partner. You may have been living with a girlfriend for years but she is not and can never be your next of kin. If you are married then your spouse will be your next of kin but only up to the first £125,000.

The intestacy rules stipulate that when one of a married couple dies and there are children then the surviving spouse is entitled to the furniture, the first £125,000 and the income from the half of the estate over £125,000. The children get the other half. And they will get it at eighteen and not twenty one or twenty five which is the age of inheritance preferred by some.

Different rules apply if there are no children.

If you are divorced and have not got any children you may think your brothers and sisters are your next of kin. They are - provided a parent isn't still alive. Furthermore a sister will always come before a half sister so that if your mother or father married twice you can get one sibling inheriting the estate of a deceased sibling and another sibling receiving nothing at all.

There are other good reasons why you should make a Will, including:-

(1) Nobody has to search for a non existent Will

(2) You can save Inheritance Tax through a well drawn Will

(3) You can nominate guardians for your children.

(4) You can stipulate the age at which your children or grandchildren will inherit.

(5) You can give your Executors wide powers of investment and decision making.

(6) You can rest in peace in the sure knowledge that what you want to happen will happen.

(7) You can specify your funeral wishes in your Will such as the choice of service or music.

Making a Will puts your mind at rest though it should be reviewed every five years or if your family or financial circumstances alter.

We draw up many Wills each year and we usually charge about £100 plus VAT for a single Will and about £150 plus VAT for husband-wife Wills. If detailed Capital Taxation advice is involved, the fees will be greater but as with all our work we will readily give an estimate at the outset.