Making a Will

It is important to make a Will to ensure that your estate passes as you wish when you die. Your estate includes your house, money in bank accounts and even your jewellery. If you do not make a Will, the rules of intestacy will apply which means that your estate could go, for example, to a cousin who you have not seen for a number of years.

A Will is tailored to the individual and is drafted on the basis of their instructions. There are, however, a number of clauses that you would expect to see in a Will such as “Appointment of Executors”, “Funeral Wishes”, “Guardians”, “Money Legacies”, “Trusts of Residue”, and “Administrative Provisions”.

Executors are responsible for administrating and distributing your estate when you die. They carry out tasks such as closing your bank accounts, settling any debts and paying out to beneficiaries. Many people will also appoint their Executors to be their Trustees. If for example, a minor inherited under a Will, it is likely that a Will Trust would arise. The Trustees would be legally responsible for the gift until the child reaches 18. This is just one example of a Will Trust but there are many other circumstances in which a Will Trust can arise.

A “Funeral Wishes” clause is self-explanatory and if you have minor children, you may also be able to appoint guardians for your children in your Will by including a “Guardians” clause.  

Money legacies are gifts of money for example £1,000 to a family member, friend or charity and specific bequests are gifts of specific assets, for example, a gift of your diamond ring, watch or shares in a company.

A “Trusts of Residue” clause deals with your residuary estate. Your residuary estate is everything that is left over once all of your debts, liabilities, testamentary expenses, money legacies and specific legacies have been dealt with. All Wills will include a residue clause and there are a number of ways that you can gift your residuary estate. Some individuals choose to give their residuary estate to a number of people and charities in equal shares, others choose to give their residuary estate to a number of people and charities in unequal shares. Some wish to give all of their residuary estate to one person or charity. There are lots of different ways in which you can gift your residuary estate and we can help you to work out the best options for you.

An Administrative Provisions clause is usually found in a Will and outlines the powers of your Executors and Trustees.

At Emery Johnson Astills, we have a dedicated Private Client Team who would be more than happy to assist you with making your Will to ensure that your wishes are carried out when you die.  We make every effort to make you feel comfortable with the process of making a Will and we always ensure that you fully understand the “legal jargon” in your Will.

Start that conversation about your Will that you have been putting off today by calling Jane Hinds or Jessica Huczmann at Emery Johnson Astills, on 0116 2554855 or 01509 601 312.