Everyone should have a will – and it actually isn't that difficult or that much hassle to put one in place. And this guide has been designed to make it as simple as possible.
This guide is designed to make creating your will simple and stress free.
Our expert Ellie and Wilkes walks you through all the key elements for you should be prepared if you’re creating a will in England and Wales. And we’ll help you decide what you might want to do, where there are various options. (The rules for Scotland and Northern Ireland do contain differences, so they’re not covered here just yet.)
You’ll find lots of guidance sitting alongside each of the core clauses within those templates (including who to appoint as your executors and trustees and how they administer your will to ensure your wishes are met).
And when you're ready to draft your will, there's a useful video tutorial and infographic at the bottom of this page to make it as easy as possible for you.
Although, you may benefit from the further help of an expert from time to time – particularly in managing the tax ramifications of some gifts that you might want to make. In fact, the sooner you start, the easier (and cheaper) it is to keep going.
This guidance should help you to decide if you can fully DIY your documentation with reasonable confidence, or whether it’s worth getting a little bit of help (which we can also facilitate, on a fully transparent, fixed-fee basis).
We generally recommend that you take advice in either scenario, to have that all-important peace of mind. Farillio’s experts work on a tiered-fee basis, so you can pay for a simple review or you can take advantage of more comprehensive services, including one that incorporates tax-planning assistance too.
Who are wills for?
So who exactly needs to make a will? Is it something that should be done by everyone, every type of business owner – or just those at certain points in their business journey?
Anyone aged 18 years old and above, who has the mental capacity to do so, can and should make a will.
Whether you’re running a business or you’ve chosen to be an employee, your will is an important record of what you intend to happen to your money, personal possession and any property or other assets that you own when you die.
If you don’t have a will, the law will step in and decide who gets what – and you make not like what the law dictates.
Making a will when running a business
You also need to know what those key trigger moments are during your life when what you may have written in your will is undermined by other legally recognised events – such as marriage, ownership of property and even divorce.
And on top of that, there are rules relating to unmarried couples, and children from earlier marriages or relationships that also need to be considered and addressed.
So even once you have a will, keeping your will up to date is a valuable exercise that can save a lot of bother later in life.
4 reasons why it’s important to create a will
There are a number of compelling reasons to make a will and we’ve touched on the most important one already.
Briefly summarised, these reasons include:
being able to control what happens to your things when you die
managing down the tax that’s otherwise payable
ensuring that your loved ones are adequately provided for
checking you’ve not forgotten anything critical
Let's take a look at these 4 reasons in some further detail:
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