The only way you can ensure that your assets go to whom you want after you die is to make a Will.Without a Will, the law has a formula which sets out who is entitled to the assets in the estate. The formula may not distribute the assets in the way that you would have wanted.With Lees Luke, making a Will is a process that requires a consideration of your financial resources, your wishes and your obligations towards your dependents.A Will usually deals with:
- the payment of debts,
- powers and duties of the executor/trustee in administering the estate,
- the appointment of executors, trustees and guardians,
- directions as to the disposal of the body.
You should have a solicitor draw the Will as there are certain legal formalities regarding making a Will. The Courts have a discretion to over-look a failure to comply with the required formalities but Court cases:
- can be lengthy; and
- can cause distress and hardship to relatives.
A Will is automatically be revoked when you marry, unless the Will contains a statement of contemplation of marriage to that person.Any gift to a former spouse is automatically revoked upon divorce (unless you stipulate otherwise).Most clients ask us to hold their Will. They are provided with a copy of the Will that they should keep with their important papers.You should review your Will regularly to ascertain whether it has been affected by any changes in circumstances or intention.Wills & Estates