My family already knows what I want so can take care of everything
No – while they may know what you want, they may not be able to action it. They will be bound by the rules of intestacy (dying without a Will) which dictate who is able to manage your affairs and who receives your assets.
I’m too young to make a Will as I haven’t got anything to give away
Not true – Wills can be made fairly ‘future-proof’ for events such as having children and owning property, although getting married does revoke any previous Will. So even if you don’t have much of an estate now, you can make a Will that covers you for some time (though do review it regularly). At any age, having a Will makes the after death process a lot simpler for your family.
Executors cannot be beneficiaries
No – there is no restriction on beneficiaries also being appointed as executors. Many people who are leaving their estate to their spouse or civil partner will also appoint them as sole executor of the estate. Whether you appoint a beneficiary or elect someone else, such as a professional, make sure it’s someone trustworthy who you are happy with to deal with your affairs when you have passed.
If I have a Will, my executors can assist me with my financial affairs during my lifetime
No – your Will only takes effect after your death and your executors are the only ones able to manage your estate. You need Lasting Power of Attorney documents to appoint attorney(s) to manage your financial affairs while you are living, either with your permission or when you have lost mental capacity to make decisions yourself. Also know that Lasting Powers of Attorney cease upon your death, so your appointed attorney does not automatically have the right to deal with your estate after you have died.
Making a Will is a stressful and time consuming experience
No – although the negative thoughts around death can put people off making a Will, you’ll gain valuable peace of mind knowing your estate will go to who you want it to, and the process will be as easy for your executors or beneficiaries as possible. At Hatch Brenner, we aim to keep the process of making a Will as straightforward and stress free as possible. It can often be complete within just two weeks, and we provide advice along the way to ensure that you are happy with your finalised Will.
For more information and advice on Wills, Lasting Power of Attorney, Intestacy or any other Private Client matter, contact Dawn Parkes on 01603 660 811, or email her Secretary Kay at email@example.com