Guidance Notes
The Notes will help you to decide what to do in your Will and will give us the foundations which we shall need to advise you properly and to prepare your Will.
If you are doubtful about completing the form and would like help with it, please contact us by telephone or email.
If you are happy to go ahead with the form please email it to us or print it off and send it to us when completed. We will acknowledge safe receipt and establish contact.
Part A
In Part A we ask you about your personal details. Any Will has to identify clearly and correctly the person who is making it including reference to any names by which you are known other than your birth name and especially if you hold assets in any other name.
Your personal circumstances (for example whether you are married or in a civil partnership or whether you have been married or in a civil partnership), your family (for example whether you have any children and if so whether they are under 18) the needs of your family and any other dependents (for example a handicapped child or elderly relative) affect what goes into your Will.
It is important to remember that your spouse or partner, your children and any person financially depend upon you will have a claim to your property and money whether or not you put them in your Will. If there are certain people who you do not wish to inherit any of you property and money please tell us in Part D Section 14.5.
Part B
In Part B so that we can give you the best advice, we ask for details of money and property you have in your own name and money and property in your partner’s name and jointly and their approximate value as well as details of major debts.
We also need to know about life policies and pension arrangements. Often we can achieve significant tax savings for you by writing insurance policies and death benefits in trust.
If your combined assets exceed £312,000 we will offer you inheritance tax planning advice.
If you own foreign assets you will need advice about that.
Part C
In Part C you give us details of what you will do in your Will.
In every Will Executors are appointed. They are given the special and very responsible task of dealing with all your property and money according to the Will.
The task can be hard work and may take a long time. Executors are personally liable for your property and money for the proper payment of any tax bills and other debts, for accounting to beneficiaries and preparing Accounts. Unless you are a professional executor, the task is unpaid.
One person can act on their own but it is usually best to appoint two people or more to a maximum of four. This ensures that there will be someone to replace an executor who has died or who is unable to act. (Executors can be beneficiaries as well).
It is best to choose a business like person to act as an executor. You will need to weigh up the additional cost of having professional executors against the need for support and advice at the correct level to administer your estate properly.
Part D
After your Executors have been appointed you may wish to give cash or specific items of furniture, household personal effects or jewellery (chattels).
Anything owned jointly by you and any other person will pass automatically to the joint owner.
You can only make gifts of assets that belong to you alone.
If you would like to make gifts to individuals under the age of 18 please say whether you would like them to inherit at the age of 18, 21, 25 years or some other age.
Residue is what is left after your specific gifts and any costs, tax and other expenses have been paid.
It is sensible to divide residue in shares or percentages because none of us knows exactly what property and money we will own at the date of death or its value.
If you wish to provide for children and or grandchildren it is safer to describe them as a group rather than as individuals to avoid having to change your Will each time another child/grandchild is born.
What is a Trust?
If you make an absolute gift to someone, the gift belongs to that person completely and they can do exactly what they like with it.
If you make a gift into trust then the person or persons you wish to benefit do not own the gift outright. You can keep control of the gift by using trustees of your own choice to manage the gift on your behalf.
You can tell them how you want them to manage the property and/or money for the benefit of those you wish to benefit.
Why have a Trust?
There are many reasons why you may not wish to make a gift absolute.
1) A high spirited or spendthrift adult child.
2) A wish to benefit one person eg. A surviving spouse during his or her life and subject to that, to preserve the fund for your children.
3) A disabled child or other relative.
4) To help with Inheritance Tax Planning eg. By giving your spouse or civil partner access to property and money without it belonging to him or her absolutely.
5) Money and property bequeathed to children under the age of 18 years are automatically held in trust. You may wish to prolong the trust beyond that age eg. to 21 or 25 years.
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© Harold Michelmore & Co 2007
Please note that the information and advice in this Note is provided for general guidance only. We believe it is accurate and up to date, but you must seek personal advice on any specific case or matter. We cannot accept liability for your reliance only on information or advice in this note.