Why do I need a Will?
If you die without having made a Will the law dictates who will inherit your estate under the Intestacy rules. More often than not, the Intestacy rules do not mirror what a person would like to achieve in a Will and therefore should not usually be relied on as a substitution for making a Will.
In a Will you have the chance to:
- state your funeral wishes;
- say who will administer your estate and any trust created;
- appoint guardians for your children;
- provide for family, friends and charities how you would like and at what ages you decide;
- make specific gifts;
- create trusts; and
- tax plan.
My child is a disabled person, do I need a Will?
It may be more important for you to make a Will as you might need to protect assets passing to your disabled child and the benefits that your child receives.
What is a trust?
- A trust is the formal transfer of assets to others to hold for the benefit of someone else. A trust can be made in your lifetime or in a Will.
- Why do people use trusts?
- As trusts are so diverse, the reasons for making them are equally as diverse. Some of the usual reasons for making a trust are:
- to stop a family member inheriting assets too young;
- to stop someone who may be vulnerable from frittering away the assets;
- protecting someone who is vulnerable from the influences of others;
- where there is a risk of bankruptcy of a family member, or divorce, or incapacity;
- to protect yourself if you have a fear of losing capacity or being influenced by others; and
- to tax plan for future generations.
What is a Power of Attorney?
A Power of Attorney is a document in which an individual can give power to another individual or a group of people to act on his or her behalf, should there be a need to act. This might be in relation to Property and Financial Affairs of Health and Welfare.
Why do I need a Power of Attorney?
You may just be out of the country for several months or it could be that you are unwell and you need someone to help you during this period. Without a Power of Attorney no one has ‘legal’ authority to make decisions on your behalf.
I want to make a gift to charity in my Will, how do I do this?
There are many ways to make a gift to charity in your Will. It might be that you would like to leave a specific item, a specific amount or a share in the remainder of your estate. We suggest that you take advice from a Solicitor on making a gift to charity in your Will as if you get it wrong the charity may not benefit.
