With children under 18
Executor: = Person who deals with your affairs after death and Carries out the instructions in your Will. They can be a relative and a beneficiary.
Beneficiary: = Anyone benefiting from your Will.
Expression of Wishes: This is a letter that accompanies your Will. It contains instructions for the executors it is not as legally binding as statements in the Will. And can be changed at any time by you.
High value bequest = Will.
Low value bequest = Expression of Wishes.
Funeral arrangements = Expression of Wishes
We can supply a draft letter that you can complete and change, without rewriting your Will.
Before you start your Will:
Have to hand All the Names and address of people to be included.
Your Names, Address,
Executors. Names, Address,
Trustees Name, Address if you are having a children’s trust included
Beneficiaries Names, Address if possible.
Full Name; This needs to be your full name as it appears on your Passport and Inland Revenue documents. Irrespective of whether you use the name.
Full address with post code. This does not need to be changed if you move it’s just a point of identification at a date in time.
Full name of All beneficiaries. Endeavour to supply their full name.
At probate they would have to prove their identity with their passport and Inland Revenue documents. If these documents do not correspond with the instructions in your Will they would then have to prove that they where the person you intended to be a beneficiary which could cause delays and expense.
Eg. Someone you have always known as Will you assume is William when in fact it is Wilfred or they have a first name that they never use but it is on their passport.
Names do not need to be changed in the future. E.g. if your daughter married, as she would still have documentation i.e. birth certificate to identify her as the person in your Will. Their relationship to you, bear in mind that for example you could have a cousin and uncle both with the same or similar name. Possible only an infrequently used middle name as a difference.
Address of the beneficiaries while this is not essential, it helps the executors plus also identifies the correct beneficiary should there be any confusion.
Items to be included in the Will.
Any property full address.
Any gifts Full description so that it can be identified by an independent person.
My “gold watch” may lead to confusion whereas my “gold Rolex Submariner serial number ?????” leaves no room for doubt.
My engagement ring to “A” and my eternity ring to “B” this is open to dispute as to which ring is which. Whereas my 5 cluster diamond ring to “A” and my diamond and emerald ring to “B” is clear. Could a independent person identify which item you are referring to without knowing any family history.
If you are leaving a car it is better to list as any car owned by me. If you identify the car as a Aston Martin but at the time of death you own a Ferrari the beneficiary will not receive ANY car and the Ferrari would be included residue and distributed accordingly. This applies to any property. If you want to leave a specific car then list exact details, registration and serial numbers.
If you are leaving a cash bequest we suggest you leave a percentage rather than a fixed amount. You may want to leave £5,000 to a grandchild that could buy their first car which today is a sensible amount but in 20 years would be unrealistic.
Stepchildren do not automatically inherit they have to be specifically named.
Think through your distribution; usually gifts and bequest then 3 level of distribution. Bare in mine that it is not always the case that the oldest die first.
Level 1. Is usually to your spouse / partner.
Level 2. Children.
Level 3. Grandchildren
If a charity their charity commission ref number. (Many charities and churches have very similar names; the executors cannot distribute the bequest if there is any doubt or ambiguity).
If you are giving a bequest to a group i.e. grandchildren it is better to use the wording of ALL my grandchildren. Therefore if there are any additions they are automatically included, where as if they were not included because they were not born at the time of writing the Will they would have to apply to have the Will changed based on the assumption that if you had known that they were to be born you would have included them, just putting all my grandchildren is legally stronger and simpler, if needed you could make a specific exclusion.
Please note that step-children / step-grandchildren need to be individually identified if you what them to inherit.
A Will cannot be used to avoid responsibilities imposed by the Provision of Families Act 1975.
Guardians this is an extremely important role they are “replacement parents” it is not some special kind of godparent.
We advise only having ONE guardian and nominating one reserve. The only time TWO is practical is if they are grandparents.
Example 1). You nominate your brother and sister in law as guardians. They then have matrimonial difficulties and divorce (possibly caused by the strain of looking after your children). You now have two people who are not talking and in conflict jointly having responsibility for your children.
Example 2). You nominate your brother and your partner’s sister as guardians they are now jointly responsible. From a trivial matter of going on a school trip BOTH may have to give signed consent. A simple sleep over at a friend’s house requires a committee meeting.
Example 3) Your child has to go to the doctor or hospital before any treatment you have to have a committee meeting. Possibly ALL parties having to attend.
Many times people propose multiple guardians because of the fear of upsetting a relative this is not a invitation to a wedding or party this is your child’s up bring at stake the decision should be made on who is BEST SUITED to the task.
Solution: nominate ONE guardian and ONE reserve. Then appoint others as TRUSTEES this means that the guardian does not have sole access to the finances. Other members of your family are still involved with your child’s up bringing as trustees.
Trustees have control of finances until a child is 18. Or 25 if a CHILDREN’S TRUST is established.
There is further information and videos on our website www.saxonwills.co.uk