Wallace & Co. Solicitors and Notaries.

NO NEED TO BE SCARED ABOUT MAKING A WILL.

MAIN POINTS TO CONSIDER FOR BASIC WILLS

Everyone should consider making a Will, whatever their age, and particularly if they have children, own a house or want to ensure that their property is left as they wish rather than as dictated by the government in the intestacy laws. Do not assume that everything will go to your spouse if you die without leaving a Will.

1. EXECUTORS. Executors ensure that the terms of your Will are carried out, and they can act as trustees, especially if any beneficiary is under age. If you leave everything to your surviving spouse, you may appoint him or her as sole executor. However, in case you both die together two backup executors are desirable. Family members or friends in this country are best, as are people younger than you.

2. BURIAL OR CREMATION. A preference can be stated in the Will.

3. SPECIFIC GIFTS. You may wish to give some item to a particular person (e.g. "my gold watch to my son"). Please list these.

4. SPECIFIC MONEY GIFTS. You may leave money to someone (e.g. "£10,000 to my daughter, Mary"). Please list these. All gifts to a surviving spouse are inheritance tax free.

5. MAIN GIFT. People often leave most of their property to one or two persons (e.g. surviving spouse; children). However, you should consider what will happen if the main beneficiary dies before you. Many people do not consider this problem.

6. CHILDREN OF DECEASED BENEFICIARIES. If one of your beneficiaries dies before you, do you want their children to receive the property instead? This can prevent a gift failing where the beneficiary has died before you. This is automatic for your children but not for non-relatives.

7. JOINT OWNERSHIP. The true intentions of many people who make Wills can be affected by how their home is owned. There are two ways to hold property jointly and this should be considered before making your Will. This topic is best dealt with at an interview. Many people assume incorrectly that when they die all their property will automatically go to their surviving spouse. Depending on the value of the estate, this is not necessarily the case. This mistaken belief has sometimes resulted in the surviving spouse not even being able to keep the house they live in.

8. GUARDIANS. If you have young children, you can appoint a guardian in your Will.

These are initial considerations. More detailed advice can be given in consultation.

Wallace & Co, Solicitors and Notaries, 11a Station Parade, Balham High Road, London, SW12 9AZ.
Tel: 020 8675 6755. Fax: 020 8675 2001. England  UK
email:    Is available  

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