Who makes a Will
A Testator is the person who makes and executes a Will because only they can give away their own property.
What is a Will and what exactly does it do
Have you ever thought about what a Will really is? Well, if you go on a long journey, you would normally leave a set of instructions for those left behind. These instructions would say what you would like done with your property while you are away. Once in a lifetime we all make a final journey. A Will is just a set of instructions for those left behind telling them what to do with what we own.
As life progresses you may come to own items such as a house, a car and various other things. These possession are your estate. And when you pass on, everything that you have collected in your lifetime has to be given away.
And if there is no Will
But, if you have not made a Will to say who inherits your possessions then the law will step in. It will distribute these possessions for you in ways and maybe to people that you might not have wanted. Life can become very complicated for your family if you have not made a Will. The larger your estate is, the more complex will be the task of distributing it. And of course the costs of doing so can grow enormously.
Is a Will really necessary
The law does not compel you to write a Will and the choice to do so is yours alone.
There are reams of articles published giving reasons why you should make a Will. But I believe it really comes down to three things. The first is that by making a Will, your possessions will go to the people you choose to have them. Secondly there maybe good opportunities to reduce the amount of Inheritance Tax that HMRC will want your estate to pay. Finally, you will usually make life easier for those people left behind that have to administer your estate. And these people will probably have been your lifelong friends and companions.
I already have a Will
You may say ‘I have already made a Will’, if so, then consider this question. ‘Are my circumstances the same now as when I originally made my Will’. Perhaps they are but, the longer the period between originally writing your Will and the time you ask that question, then the more likely it is that your Will needs to be reviewed and possibly amended. If your circumstances are now seriously different then a new Will is the obvious choice. A Codicil allows you to easily make amendments without having to rewrite the entire Will as long as the changes are not extensive.
To sum up
If you have not made a Will why not consider making a Will now and have done with it. After all, it does not take long and a professional like myself can make it very, very easy to create a properly constructed, legally acceptable Will. If your current Will did it’s job but your circumstances or those of your family have changed then you have a choice. Leave things as they are or use the Contact Gerry option to explore what has changed and to discuss what changes could be made.
Use the Contact Gerry option to find out more.