Author: Elizabeth Middleton

Wills are the only legal way to specify what happens when you die, where your assets go, how your estate is handled, and what you want to happen for your children if they are under the age of 18. Thinking of your death is not something most people like to do but for peace of mind and the future of your children having a Will is an important necessity for all parents.

Why Do Parents Need a Will?

When adapting to life as a parent, writing a Will isn’t in the forefront of your mind. But without a Will, if parents die together or the only surviving parent dies, it can potentially lead to uncertainty for the children.  Financial worry for a surviving partner, spouse or the children can also be a significant  factor if the parent who has died was the major breadwinner.

Appoint Guardians

Unless a Will specifically states how your children will be cared for, and by whom, it is up to the courts to decide who actually takes care of your children and what happens to them. While an obvious choice like a close relative or family friend may be available, legally it is not bound unless it is in your Will. This can be extremely distressing for the children involved and sometimes lead to them being cared for by someone the parents would not have chosen. You can make sure your children are looked after by someone you love and trust by specifying the guardians in your Will.

Avoid Additional Stress

Dealing with someone’s estate after their death is already a stressful situation. A Will can offer clarity and direction for your family and provide answers to questions they wish they could ask. Wills can clarify what kind of funeral someone wanted, where they would like their ashes to be scattered and state how they want their estate to be divided. Writing a Will can allow you to review your assets so that you can know whether inheritance tax will be payable at the date of your death.  This allows you to plan for it or implement strategies to avoid it altogether.  Having a Will also enables you to receive advice from an experienced Solicitor who may advise about family dynamics that might lead to potential claims if nothing is done.  For example, if a person is separated but not divorced, the loved one may not know that the spouse may bring a claim against their estate if they are not considered in the Will.

Secure Your Children’s Financial Future

Regardless of the age of your children, a Will sets exact amounts of their inheritance. In order for everyone to get a fair share and to avoid family disputes over money, it is extremely helpful to set all of this up in one document. With a Will written, you can have arrangements made to cover expenses of raising your children and balance the needs of all members of your family.

In your Will, you are able to decide what age you want your children to be when they receive their inheritance. Unless the Will says otherwise, your children will automatically get their assets at 18. Before this age, your children will be able to benefit from their inheritance but the assets are held in trust and managed by an appointed trustee. If you believe 18 is too young for your child to be financially responsible, you may choose a higher age, or put conditions in place for their access to the money.

Provide for Other Dependents

Step-children do not automatically inherit from your estate unless you have specifically included them in your Will. If you have step-children, or other children you care for like foster children or dependent adults, you will need to include them in your Will otherwise they will not benefit from your estate.

What Happens to Your Family Without a Will?

When you die without a Will, your estate is then divided according to intestacy rules. When writing a Will, you are able to ensure that if you or your partner dies, your family will be provided for and your estate to be divided as you wish. 

When you do not have a will:

• Your partner, spouse, or civil partner will not automatically inherit all of your assets
• If you are not married to your partner, they will not be able to inherit anything
• Your children’s legal guardian may be decided by a local authority or court
• Any step-children, foster children, or other adult dependants are unable to inherit any of your assets

Will and Trust Expertise with Elizabeth Middleton Solicitors

While the thought of writing a will may be daunting, it does not have to be a disheartening experience and can offer peace of mind that you took care of your family and affairs ahead of time. Your loved ones are able to manage your last wishes with ease when you have set a clear guideline.
Elizabeth Middleton Solicitors are here for you with an experienced and considerate team to guide you through writing your will. Contact us today for more information and let us assist you in creating a happy future for your family.

Many people believe that you only need a Will if you are wealthy. That is a common misconception that couldn’t be more wrong. A Will can do many things that people in all economic groups can find helpful. You should have a Will if you have a family, own a home, or even have a savings account.

Whether you have put off making a Will because you think your assets aren’t worth worrying about, or you believe that getting a Will written is too costly, this article will discuss what a Will is and some reasons why you should make one, even if you aren’t rich.

What is a Will? 

A Will, sets out your instructions expressing your wishes as to who should inherit your estate and what you wish to happen after you die. A Will is a legally binding document, but if it isn’t prepared correctly, it may be considered invalid.

If your Will is deemed invalid, or you die without a Will, your estate will be distributed per the Rules of intestacy. If this happens, your estate may not go to the people you care about. So while you can write your own Will, enlisting the services of an experienced solicitor may be beneficial.

Name a Guardian for Your Children

While no one wants to think about what will happen to their children should both they and the other parent die, it’s an important decision. When you make a Will, decide who will care for your children should something happen to both parents. If both parents die and there is no Will, a Judge will determine who will care for your children.

Ensure Your Assets Are Protected

Having your Will written by a professional can help protect your assets from being given to someone you didn’t intend on receiving them.

Seeking legal advice when making a Will can protect your assets and ensure that they go to who you intended them to.

Prevent Family Disputes

When you make a Will, you outline everything you want to happen upon your passing.   If you haven’t made a Will, how will anyone know what you wanted if you die? Assumptions and disagreements between family members are more likely to occur if you don’t make a Will.  This can be especially true when unmarried partners or stepchildren are involved, as the rules of intestacy dol not allow them to inherit anything if there is no Will. Documenting your wishes in a Will can help avoid these disputes.

Make It Easier On Your Loved Ones

It’s difficult to lose someone you love.  When you make a Will, your loved ones can be assured that they are carrying out your wishes and that means you can continue to take care of your family even when you aren’t around.

Your Will can also contain details of your funeral plans, such as whether you want to be buried or cremated or what songs you want to have played at your funeral. If you have difficulty discussing these things with your family, leaving instructions in your Will is a great way to communicate what you want.

Name an Executor

In your Will, you will choose who will be your Executor. The Executor is the person who will finds out the value of your estate after you die, pays your debts and distribute the remainder to your chosen beneficiaries. 

By making a Will, you control who manages these things for you. You should appoint someone reliable and organised that you can trust to take on such a responsibility. The Executor doesn’t have to be a family member and you can choose up to four  Executors in your Will.

Let Our Expert Team Help Make a Will That Suits Your Needs

As you can see, there are many reasons that make a Will important for anyone, regardless of the size of their estate. Your family will be going through a difficult time when they are trying to settle your estate, having your wishes properly documented can help relieve some of their stress.

The team at Elizabeth Middleton Solicitors will help you plan for the future. With over ten years of experience in Wills, Probate, and Equity Release, we help our clients feel at ease while providing excellent service for each client.
Contact us today to schedule a consultation.

It’s easy to think of the typical assets that are important to your estate and your family or beneficiaries. There are, however, some assets that most overlook but can be just as important. This article will review five of the most overlooked assets in a Will.

#1. Online Finances

Bank accounts are rarely forgotten when making a Will. However, with so much happening online these days, people may have funds in accounts such as PayPal, Venmo, eBay, and cryptocurrency. You should leave a detailed list of all online financial accounts, including passwords, to ensure that these assets are not overlooked.

This is especially true for cryptocurrency. If your family doesn’t have access to your account information, and no one can access it, those assets are gone forever. There is password manager software available that you can use to ensure that none of these assets are overlooked.

#2. Digital Assets

To ensure that none of the information on your phone or computer is lost, you should share your unlock codes with someone you know and trust. You can also save your online passwords in a secure password manager and make sure that someone can access that account as well.

Along with domain names, websites, and other online accounts, you should also consider social media accounts. Do you want your social media accounts continued after your death?

Facebook gives you the option to choose someone to take over your account should something happen to you. This can be especially important if your social media or other websites are used to generate income. You will need to address whether the business should be shut down or if it should be passed on to someone else.

#3. Pets

People love their pets and want to make sure they are taken care of after they die.   

You should name a primary as well as a secondary caregiver for your pet. It is also important to note that you cannot leave assets to your pet directly but you can leave them to the beneficiary you name as your pet’s caregiver.

#4. Items With Sentimental Value

Many times, items with sentimental items are overlooked when making a Will because they may not have much monetary value. Things such as family heirlooms, photo albums, and CD or DVD collections can be items that can turn into potential disputes if they aren’t written into the Will. An easy way to avoid this could be to allow your friends and family to choose items they would like before your death.

#5. Airline Miles/Loyalty Points

When writing your Will, you may not even consider putting airline miles or loyalty points in it. However, your family could miss out on thousands of pounds  if you fail to have these in your Will.

With travel picking back up, people will be racking up airline miles that could be worth quite a bit. While some airlines will not allow your miles to transfer to a beneficiary, many will if you have it stated explicitly in your Will.

Loyalty points have become very popular. With loyalty cards to hotel chains and local shops, loyalty points can accumulate into a sizeable chunk of points through the years. Again, the terms and conditions of each scheme will determine if they can transfer loyalty points, but be sure to include them in your Will, just in case.

What Happens to An Asset Not In a Will

If there is an asset that you leave out of your Will that is jointly owned, that asset will automatically go to the surviving joint owner. If the asset is only in your name and you fail to include it in your Will, it will be distributed under the Rules of Intestacy.

Let Elizabeth Middleton Solicitors Help With Your Will

Making a Will and keeping it updated is the best way to ensure all your assets are distributed according to your wishes. Elizabeth Middleton Solicitors is here for you, whether you’re making a new Will, updating a Will due to a significant life change, or adding assets.

The team at Elizabeth Middleton Solicitors have been providing expert legal services to clients for over a decade. We know how important it is to plan for your future, and we provide you with the advice you need to ensure that your assets and family are protected when you’re gone.
Contact us today, and let’s come up with a plan that suits you.

Most of us know we should have a Will, especially once we have children, homes, or other significant assets. However, it can seem quite daunting trying to learn where to begin and what to include. 

You probably have many questions about drafting a Will. Fortunately a solicitor can guide you through the process. However, you will need to prepare and have the correct information before we can draft your Will. 

In this article, we will demystify the process and ease the concern of what to include in your Will. We will discuss questions to consider upfront as well as how to update your Will. Having this information before meeting with a solicitor allows you to prepare everything you need before we meet. 

What Should You Prepare Before Instructing Us to Your Will?

A Will is a legal document that defines how to distribute your assets after you pass away. There are considerations as well as documentation that you need  before we can  draft your Will.  

Remember your Will can be updated whenever your circumstances in your life change. 

Before meeting with a solicitor the two most important steps to take are these:

•  List your assets and their estimated value, as well as all debts, such as a mortgage or credit cards that you have. 

•  Prepare a list of your beneficiaries. These beneficiaries can be family, friends or charities.

What Should You Include In Your Will?

Your Will will be used by your loved ones to distribute your estate.  Without a valid Will, your assets will be distributed according to the intestacy rules.  They define who gets your estate.  This might not be what you want..

Above all, it is crucial that your Will be legally valid and binding. Although you can create a Will without a solicitor, you leave yourself open to making mistakes that may have significant  repercussions to the distribution of your estate.

Below are the 5 most important considerations when writing your Will

#1.  Assets and Debts

It is important for your solicitor to know your assets and liabilities so that they can advise you whether your estate will pay inheritance tax and how to avoid this significant expense.  There is no inheritance tax payable between married couples.  However, if your children are due to inherit your estate,  at that point inheritance tax may be payable if it is over the taxable threshold.  We will guide you through the process and give you options to protect your estate.

Include all assets in your Will with a current valuation. ,  Periodically update the list and include any gifts you give in your lifetime.  

Assets

In short, an asset is anything of value. List and maintain a list of all assets, account numbers, passwords, etc. Assets include but are not limited to: 

• Bank accounts
• Retirement plans
• Investments
• Cash and cash equivalents
• Safety deposit boxes
• Real estate
• Stocks and bonds
• Pensions and loved ones you have nominated to benefit from them
• Artwork, jewelry, furniture
• Intellectual property such as royalties, copyrights, patents

Debts

Debt is anything owed.  Draft and maintain a list of all debts and their account numbers, the amount owed, etc. Debts to consider include, but are not limited to:

• Mortgages
• Credit cards
• Bank overdrafts
• Loans
• Equity release

#2.  Distribution Of Assets

The distribution of assets is the delivery of assets to your beneficiaries. 

It is beneficial for you to plan what happens if any of your beneficiaries pass away before you? It is good to have substitute beneficiaries so that your estate always has beneficiaries.

If you want to set up a Life Interest Will Trust to ring-fence your assets, now is the time to do it. The purpose of ring-fencing is to keep your assets from ending up with someone you had not intended. For example, if you chose your spouse from a second marriage but do not want the assets to end up with their own children, a Life Interest Will Trust can be used to ring-fence your share of your property for your children.

Secondly, a  Life Interest Will Trust can help preserve your estate from care fees if you are a couple and the surviving partner requires care.

#3.  Charitable Donations

Your Will can include any charitable donations you would like to make.  Elizabeth Middleton Solicitors will include the charity’s name, address, and registration number to ensure the assets go to the correct charity.

#4.  Name an Executor

Be sure to include a named Executor in your Will. You may have more than one Executor but let them know and tell them what  their role will be.  It could involve a great deal of work, and they may not be interested or prepared to take on that level of responsibility. Always discuss the matter with the person you wish to appoint before your Will is drafted. It is better to find out now that they don’t wish to be named an Executor. 

#5.  Include Your Signature

For a Will to be considered valid, it needs your signature, and that of two witnesses. These witnesses should be independent and not one of the beneficiaries of the Will. We provide a Will signing service to ensure that the process is done correctly.

How Do You Update Your Will?

Your Will can and should be updated periodically. At least every three to five years. 

Elizabeth Middleton Solicitors Specialises In Wills

Elizabeth Middleton Solicitors are at the ready with an experienced team to assist you.  Contact us for more information about assistance with your Will, as well as your other legal needs for Probate, Lasting Powers of Attorney, Equity Release, and Settlement Agreements.