What is a Will & Why Have One?
A Will is one of the most important documents a person can have, yet it’s often something that many put off thinking about. Simply put, a Will is a legal document that outlines how you want your assets to be distributed after your death. It allows you to protect your loved ones, provide for those who matter most, and ensure that your wishes are carried out exactly as you intend. More than just a financial document, a Will offers peace of mind—both for you and for those you leave behind, by reducing uncertainty and preventing unnecessary stress during an already difficult time.
Without a Will, the law decides what happens to everything you leave behind. This process, known as dying intestate, follows strict legal rules that may not reflect your personal wishes. Your closest relatives will inherit according to a fixed order, which could mean that someone you care deeply about, such as a partner you’re not married to, stepchildren, or close friends, receives nothing at all. It could also lead to family disputes, delays in accessing funds, and even unnecessary financial hardship for those who depend on you.
Making a Will isn’t just about wealth, it’s about ensuring that the people and causes you care about are looked after. It provides clarity, security, and a sense of control over the future. By taking the time to put a Will in place, you are giving your loved ones the greatest gift of all: certainty during a time of loss, allowing them to focus on healing rather than navigating legal complications.
Get Started by, Identifying Your Estate!
A person's estate refers to and includes all the assets they own whilst they are alive and at the time of their death, minus any liabilities. Here’s a breakdown:
Included in the Estate:
✅ Property & Land – Houses, flats, and any other real estate owned solely or as tenants in common.
✅ Savings & Investments – Bank accounts, ISAs (excluding Lifetime ISAs with a named beneficiary), stocks, bonds, and shares.
✅ Personal Possessions – Cars, jewelry, furniture, artwork, collectibles, and valuable household items.
✅ Business Assets – If the deceased owned a business, their shares or interest in the business form part of the estate.
✅ Pensions (Sometimes) – Lump sum death benefits may form part of the estate if no named beneficiary exists.
✅ Life Insurance (If Not in Trust) – If a life insurance policy is not written in trust, the payout forms part of the estate.
✅ Money Owed to the Deceased – Outstanding loans or debts owed to the deceased can be part of the estate.
Excluded from the Estate:
❌ Jointly Owned Property (as Joint Tenants) – Automatically passes to the surviving owner outside the estate.
❌ Joint Bank Accounts – Typically pass to the other account holder unless specified otherwise.
❌ Pensions (With a Named Beneficiary) – Pension schemes often pay directly to a nominated beneficiary, bypassing the estate.
❌ Life Insurance (Written in Trust) – The payout goes directly to the trust beneficiaries, avoiding inheritance tax.
❌ Certain Trust Assets – Assets held in a discretionary trust or life interest trust are usually outside the estate.
Subject To Change
Calculate Your Estate Value
Methods for Calculating Your Estate:
List All Your Assets
Determine Ownership Structures – For example, jointly owned property (as joint tenants) usually passes directly to the co-owner.
Subtract Your Liabilities
Account for Tax Considerations
If you are struggling at any stage please don’t hesitate to contact me for a consultation to help you through this.
Tips & Tricks for Estate Calculation:
✅ Keep a Digital & Physical Record
✅ Use Online Estate Calculators
✅ Consider Future Growth
✅ Don’t Forget Pensions & Life Insurance
✅ Get a Professional Valuation for Large Assets
✅ Review Your Estate Regularly
By following these steps and strategies, you can gain a clear understanding of your estate’s worth and ensure your Will accurately reflects your financial situation. Proper planning can also help maximize what you leave behind for your loved ones while minimizing your inheritance tax implications.
Beneficiaries, Exclusions & Risks
When planning your estate, one of the most important steps is identifying your beneficiaries, the people or organizations you want to inherit your assets. Start by considering your closest loved ones, such as your spouse, children, and other dependents. You may also wish to leave something to extended family, friends, or even charities that hold personal significance. It’s important to be clear and specific about your wishes to ensure there is no confusion or unintended disputes among those left behind.
Equally, you may want to exclude certain individuals from your Will. Whether due to estrangement, concerns over financial responsibility, or personal reasons, you have the right to decide who does or does not benefit from your estate. However, it’s crucial to be aware that some individuals, such as spouses, children, or financial dependents, may have a legal right to challenge your Will if they feel they have been unfairly left out. If you intend to exclude someone who might expect to inherit, seeking legal advice and documenting your reasoning can help protect your wishes from future disputes.
Estate planning becomes more complex when considering potential risks, such as second marriages. If you have remarried, assets left to your new spouse could later pass entirely to their children or relatives, unintentionally disinheriting your own children from a previous relationship. Without careful planning, this is a common issue known as sideways disinheritance. To safeguard your children’s inheritance, I would highly recommend seeking professional advice from myself or a local estate planning expert.
By carefully selecting beneficiaries, thinking through exclusions, and addressing potential risks, you can create a Will that truly reflects your wishes and provides security for those you care about most.
Start Protecting Your Loved Ones
Creating a Will or setting up a Trust isn’t just about paperwork, it’s about securing your family’s future and ensuring your hard-earned assets are protected. While it’s easy to assume that these matters can wait, delaying could leave your loved ones vulnerable to financial uncertainty, unnecessary legal battles, and even losing what you intended for them. By taking action now, you gain control over how your estate is handled and prevent your family from facing stressful complications later.
Estate planning is not a one-size-fits-all process. Every family dynamic is unique, and the right approach depends on your circumstances. Whether you need a simple Will, a protective Will Trust, or a tailored Trust arrangement, having the right legal structure in place can prevent sideways disinheritance, unnecessary inheritance tax, and disputes between loved ones. Without expert guidance, it’s easy to overlook key details that could impact how your estate is distributed.
That’s why seeking professional support is crucial. With my expertise, I can help you navigate these important decisions and ensure that your Will or Trust is tailored to your specific needs. Whether you want to safeguard your children’s inheritance, protect your estate from future risks, or simply have peace of mind knowing everything is in order, I’m here to help.
Don’t wait until it’s too late. Take the first step today and contact me to discuss the best way to protect yourself and your family’s future. A small step now can make a world of difference for those you care about most.
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