Wills and Power of Attorney

Making a will is a fundamental part of financial planning both from the point of administering your estate on death and tax efficiency.

Why should I make a will

It's a startling fact that only three out of every ten people actually have a Will.  This means that the remaining 70% will let the State determine who gets what, if anything, from their assets when they die, sometimes meaning that friends, their favourite charities or even some of their relatives may get nothing. 
Making a Will means that you make the decisions about your own assets ensuring that your possessions and the things you most care about go where YOU want them to go.  You may think that you have nothing to leave of value but you may be surprised - books, jewellery, furniture and many every day items can all have a value either financial or just sentimental! 

Making a Will also shows you care for those closest to you.  Not leaving a Will could mean heavy legal fees, paying unnecessary high taxes and months of painful wrangling for the relatives and friends you leave behind.

Do I have to see a solicitor - can't I make a will myself?

Home made Wills can be risky, especially if your affairs are quite complicated.  It is very easy to write something that seems perfectly clear to you but can mean something totally different in law, which could also make your Will invalid.  A Will is far too important to get wrong - don't leave it to chance!  Seeing a Solicitor about your Will can be very cost-effective. 

What about my Partner?

If you are unmarried and live with a partner they inherit nothing from your estate unless you name them in a Will.  If you marry, separate or divorce you probably need to make a new Will.  Most existing Wills are automatically invalidated by marriage.  Divorce deletes the benefit to your former spouse but if you have only separated from them they will still benefit from an existing Will - a new partner will get nothing unless you do marry.  Look after your partners - make a Will.

Can I change my will?

It is sensible to go through your Will every year to ensure that it is still what you want - particularly if your circumstances have changed.  When you buy a house, get married, have children or get divorced it is important that you update your Will properly.  Don't leave things to chance - get advice from professionals. 

Who shall I appoint to carry out my wishes?

The Executor is the person who ensures that your instructions expressed in your Will are actually carried out after your death.  You can choose between one and four Executors although two is often the best number to choose.  Ask yourself - are they likely to be around when I die?  Are they happy to take on this role in what may, of course, be a difficult time?  Often married couples appoint each other as Executors but you need to think about what happens if your spouse dies before you.

A good combination is to have one professional and one personal Executor, such as your Solicitor plus a friend or family member who knows you well. 

After I die - what happens?

When a loved one dies this is obviously a traumatic time for the family and the Executors may have no idea what they are supposed to do.  Your solicitor can handle everything for the Executors if they prefer or just be a "helping hand" to assist and explain what is required.

OK, I need a will - what do I do now?

It is important that you make a will.
You may have life assurance policies written in trust, pensions and other assets which may not form part of your estate on death.

Amber Wealth Creation will work together with your solicitor in determining which assets form part of your estate, which should be in trust and how best to arrange your financial affairs. Please contact us for further information.
We do not prepare wills as we believe that should be left to an expert.
This webpage was kindly written for Amber Wealth Creation by Phil Cooksey of Bower and Bailey Solicitors. He would be pleased to hear from you if you would like help in making a will.

Please contact Phil at pcooksey@bower@bailey.co.uk or telephone 01295 265566.

The Bower and Bailey website can be found at www.bowerandbailey.co.uk

Amber Wealth Creation Ltd is authorised and regulated by the Financial Services Authority. FSA Registration No: 401162.
Please note that the Financial Services Authority does not regulate taxation and trust advice, wills, bank deposits, national savings and some forms of buy to let mortgages and commercial mortgages.
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