In our second instalment of our corporate transaction series, we look at the vital role that the due diligence process plays in making a success of any transaction. Having made the decision to acquire a business, the buyer will want to maximise the...
A Will is a legal document setting out how you wish your estate to be dealt with after your death.
A Will is the only way of making your wishes known when you die and of ensuring that your estate goes to those you want it to. If you don't have a Will you are said to die 'intestate'. This means that the law will decide how your estate is distributed and this can often result in confusion and disagreement amongst those who are left behind. Someone could benefit from your estate who you would not wish to.
You should review your Will every 5 years or so and you should consider how your personal and financial circumstances may have changed in that time.
At Bakerlaw, our lawyers will discuss the options available to you and ensure your Will not only reflects your wishes but effectively protects your assets. Please ask us about home visits as these can be arranged where necessary.
I don't think I have enough assets to worry about making a Will – do I?
You may be surprised as your assets could include not only savings in the bank and property but also life insurance policies, motor vehicles and jewellery.
We have young children but very few assets – why should we make a Will?
It's not only people with money and property who should make a Will. All parents should make a Will to appoint guardians for their young children because if you both die the guardians you have appointed will take on the responsibility for bringing up your children. This way you can make sure that your children are looked after by the people you have chosen rather than those appointed by the Court.
Who should I appoint as Executors?
You should choose someone you trust and who is likely to live longer than you. This can be a friend or family member but remember it is an important responsibility and can be time consuming, challenging and require complex decisions. You should appoint someone who has the time and the capability to carry out the required duties. It is sometimes wise to consider a professional and independent executor.
Can I make special provision for my disabled child in a Will?
Yes, this can be addressed and our lawyers will discuss the options available to you. They will help you choose the most appropriate way of ensuring your child is provided for after you have died. This could perhaps be by setting up a Disabled Will Trust (link).
How much does a Will cost?
It depends! Straightforward Wills are inexpensive and prepared on a fixed fee basis. Our lawyers are happy to discuss and agree costs with you for more complicated Wills.
Can I protect my assets against nursing home fees?
Yes – our lawyers will discuss the various options available and prepare Wills which enable you to effectively protect your assets.