Enjoy peace of mind this summer knowing your Will is in place

It’s the season to relax, go on holiday, and have time with your loved ones. In Private Client circles, this leads to an annual conversation we have with clients: “I was sitting on the plane and realised I still haven’t made a Will.”

Charlotte Cooper, legal director in our wills, trusts and probate team, looks at what you need to consider and why careful planning can give you real peace of mind for the future.

Where to begin

Before you start, here are a few simple things you need to think about;

• Who do you want to benefit and, as importantly, who do you not want to benefit?
• What would you consider the worst-case scenario? A lot of tax or your children not benefiting?
• Who do you trust to act as your executor? Bear in mind they will learn all about your financial circumstances and the amount your beneficiary will inherit. The best executors are level-headed, clear-thinking, and check the details. You can have a single executor or as many as four. Two executors is usually the most suitable arrangement.
• Would you be concerned about your spouse remarrying? Spouses often have mirror wills, but they can differ. Your Will is personal to you.
• What are the assets in your estate, and do you own them jointly or in your sole name?
• Do you have assets abroad and a Will in that jurisdiction?
• With the government changes around pensions being introduced in April 2027 you also need to consider who benefits under your pension and the value of your pension.
• If your children are minors, who will be responsible for them and how would you want monies to be used.

Clients often come to meetings with handwritten notes, points to consider or concerns. Your solicitor will advise whether binding provisions are required or if a ‘Letter of Wishes’ is more appropriate.

Your solicitor will consider the benefits, tax, unforeseen consequences and advise on the appropriate solution.

While your passport is necessary for your holiday, a Will is necessary for your peace of mind and with these documents in place you can enjoy all your future holidays without any concerns.

If you have any questions or need any guidance on setting up your Will, please get in touch with our wills, trusts & probate team on 01772 258 321.