Last Will and Testament
Ensuring the well-being of your loved ones extends beyond your lifetime. Failing to have a Will in place can burden your family with financial difficulties, emotional strain, and legal complexities during an already challenging time.
At Everest Estate Planning, we understand the importance of securing your legacy and providing peace of mind for you and your family.
Protection Beyond the Present
Passing without a Last Will and Testament can lead to disputes and disagreements among family members, adding heartache to an already difficult situation. A carefully crafted will safeguards your assets, shielding your family from the potential turmoil that can arise.
Everest Estate Planning, Mark Everest in particular is a member of The Society Of Will Writers, learn more about them here.
Securing Your Family's Future
Contrary to common belief, surviving partners or spouses might not automatically inherit an estate without a Last Will and Testament. The absence of a will can lead to complications, including frozen assets and potential disinheriting of children in certain situations. A written will is a crucial tool in securing your family’s financial future.
Peace of Mind Through Preparation
With a Last Will and Testament in place, you gain a profound sense of relief, knowing that you’ve taken decisive steps to bring order to a potentially emotional and complex situation. Your wishes are clearly articulated, providing a roadmap for your family during a time when clarity is needed the most.
Last Will and Testament Frequently Asked Questions
Is having a Last Will and Testament necessary?
In the absence of a Last Will and Testament in England or Wales, the legal system determines the distribution of your assets. In the event of no living family members, all your possessions and property are allocated to the Crown.
Who are the Executors of a Will?
What if I have Young Children?
When drafting your Will, prioritizing the guardianship of your children is crucial. If you currently hold Parental Responsibility for children under 18, your Will can designate a Guardian to care for them in the event there is no one else with parental responsibility upon your passing. This decision is vital and underscores why parents ensure the presence of a valid Will. Additionally, you can name your children as beneficiaries in your Will, specifying the age at which they can access their inheritance—commonly set at 18, 21, or 25. During their minority, Trustees, individuals appointed in your Will, manage the inheritance on their behalf.
Where is the best place to store my Will documents?
You may decide to keep this in a storage facility you already pay for or somewhere safe on your property.
We can also arrange storage for all of your important documents.
Is it possible for an Executor of a Will to also be a beneficiary?
Absolutely. There is no restriction on a family member, friend, or any beneficiary being named as an Executor, provided they are over 18 years old. The key consideration is whether they are willing and able to fulfill the responsibilities of being an Executor.
Can any of my beneficiaries serve as a witness when I am making my Will?
No, it is not advisable. Beneficiaries or their spouses/civil partners should not act as witnesses during the signing of the Will to avoid the risk of potential disinheritance.
What happens with my Will when I die?
It is advisable to inform your Executor about the location of your Will and provide them with a copy while you are able.
Upon your death, your Executor will need to locate the original Will. If Will Storage has been arranged through Everest Estate Planning, your Executor should contact us to notify us of your passing.
We will retrieve the original Will from our secure storage facility, confirm the Executor’s identity, and provide guidance to ensure they understand their responsibilities, offering professional assistance if required.
Can my Will be challenged?
Yes, all Wills can be challenged, although the likelihood of success depends on various factors. If your Will includes your immediate family members like your spouse or children, there is generally less reason for challenge.
However, excluding someone who might anticipate benefiting or any suggestion of lacking mental capacity can increase the risk. To prevent disharmony, it’s advisable to discuss your Will with family, especially if you plan to exclude them. Alternatively, writing a letter to your Executors explaining exclusions and storing it with your Will can provide clarity on your intentions.
I am concerned about Care Home Fees. Can a Will protect against them?
Yes, it is possible. For couples, taking advantage of a Trust in your Will may offer a means to protect some or all of your Estate from care fees. However, this is a specialized area, and seeking professional Will Writing advice is crucial to ensure its suitability for your specific circumstances.
