writing a will - richmonde house

Richmonde House Associates Ltd:

A ‘pause for thought’…….……. What is the point of taking care of your money and your family during your lifetime and not taking equal care over what happens to it when you die? Richmonde House Associates Ltd

Richmonde House Associates Ltd:

Richmonde House Associates Ltd This video will help you think about and give instructions for your Will. The Instructions are not difficult to complete but you will need to think carefully about your wishes. We’ll give you plenty of help as we go along and there is some very useful information on the website. Also you can phone or email the free helpline at any point in the process to discuss any matter with an experienced professional.

Richmonde House Associates Ltd:

Richmonde House Associates Ltd We will go through the Form together section by section. You may complete it a section at a time, referring back to these guidance notes. You can obtain an Instruction Form from the person who sent you here or by calling the helpline. You may wish to download and print a Form from the website, if you are able, and use it to make notes for transfer to the final Form later.

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Richmonde House Associates Ltd From this point you need to click any key to advance to the next note or slide. This allows you go at whatever pace you wish So click any key and let’s get started!

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Richmonde House Associates Ltd Please open the Sample Instructions on the website and refer to them while following these directions. As we go through, the relevant page of the Instructions Form will always appear on the left Always read the notes on every page of the Instructions Form. If there is anything at all you don’t understand or if you have any questions please contact the helpline.

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Richmonde House Associates Ltd If you have not yet done so read the notes ‘What sort of Will do I need?’ on the website. Do you need a Single or Mirror Will? Tick the appropriate box. Fill in your name, address, date of birth, daytime and evening contact numbers, marital status and whether or not it will be difficult for you to read or sign the Will. Answer ALL the questions in the middle section and check that you have done so. Then give details of all your children and stepchildren including their ages even if they are not all beneficiaries .

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Richmonde House Associates Ltd We must now appoint Executors and Trustees. Again, please read the ‘Important Notes’ at top of the page. In the majority of Wills Executors and Trustees are the same people but please consider all the information here before making a decision. Executors wind up the estate and deal with the paperwork. Depending on the complexity of your estate this can be quite involved although professional help can be called upon if needed.

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Richmonde House Associates Ltd Executors may claim their reasonable expenses but, if they are not professional Executors, they are not paid. Unless you wish to include a legacy to them in the Will for their work. This will normally only apply to Executors who are not beneficiaries. It is not a common practice but there are occasions when it may be appropriate.

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Richmonde House Associates Ltd More than one Executor should be appointed and they should be in a position to act. Those living abroad may find that difficult. They should also have a reasonable expectation of surviving you. Most couples appoint each other in the first instance with two alternative Executors to act at second death. These are often family members and it is perfectly alright for beneficiaries to act. If you have children who are adults you may appoint them.

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Richmonde House Associates Ltd If you have children who are young adults or are just approaching adulthood you may wish to appoint them but with a trusted family member or friend appointed with them to guide and support. There might be reasons to have someone work alongside or instead of a surviving partner, possibly due to illness or infirmity. Perhaps professional Executors are appropriate. Only you know your circumstances.

Richmonde House Associates Ltd:

Richmonde House Associates Ltd So, to summarise, Executors wind up the estate, deal with probate, call in money that is owed to the estate, sell off assets as appropriate (e.g. a property) pay off any debts, funeral costs etc and then arrange the distribution of the estate in accordance with the terms of the Will. Now let’s talk about Trustees

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Richmonde House Associates Ltd If a beneficiary has not reached the age at which they may take their inheritance then their share is held in Trust until they do. It is the responsibility of the Trustees to act in this matter which could be for a number of years. In some Wills other trusts arise - possibly to protect certain beneficiaries or to mitigate tax. In many Wills Trustees are never required as the circumstances that would demand Trustees do not arise. But if Trustees might be needed then due consideration should be given. Please consider the following……

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Richmonde House Associates Ltd Some people may appoint friends as Executors but appoint family members as Guardians. If separate Trustees are not appointed the Executors do automatically become Trustees and if something does go wrong they may need to act for some time. This may not be appropriate if the Executors are friends. If you need to appoint a Guardian it may be appropriate for the Guardian to be one of the Trustees. We shall deal with Guardians next.

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Richmonde House Associates Ltd One final point on the subject of Trustees: You should appoint two Trustees to administer trusts involving minors or property. Now we move on to the appointment of Guardians

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Richmonde House Associates Ltd If the appointment of Guardians is relevant to your Will it is possible, legally, to appoint two unrelated people who live some distance apart. If they cannot agree who the primary carer should be the Court will decide. That can be traumatic for everyone including the child. It may be better to appoint one person or couple with any secondary persons being alternative Guardians. But these are very personal decisions that only you can make.

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Richmonde House Associates Ltd Finally, still on the same page, we deal with Gifts and Legacies. There may be people to whom you wish to give specific objects or sums of money. You may wish to leave money to organisations. If you are a couple then it is necessary to state whether the gift should take effect on first or second death. The next slide explains this more fully.

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Richmonde House Associates Ltd If items are left to children who are minors when the Will is written then that should definitely be a second death provision. Otherwise, the item or items may be given to the surviving partner for safekeeping. If they die before passing any items on then those dealing with their estate may not realise to whom those items actually belong. If there is something in the survivor’s Will about it then the problem is avoided.

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Richmonde House Associates Ltd This is where you state what should happen to the bulk of your estate. Again, please read the notes. You will see that the estate is to go to the surviving partner and then to their children at the age of 21 yrs following second death. Only rarely do you not need to state the age at which beneficiaries inherit. Even if your estate is simply going to your children who are all adults you still need to specify an age in case one of your children does not survive you and their share goes into trust for their children.

Richmonde House Associates Ltd:

Richmonde House Associates Ltd If your children are still living at home it is standard practice to specify alternative beneficiaries in case the worst happens. You will see that there is space in the Instructions for you to specify names and percentages (or just write “equal split”.) However…….. There are aspects of this stage that give people difficulty and, in certain circumstances, confusion can arise over your real wishes. Over the next few slides we shall look at this in more detail to ensure your wishes are correctly recorded.

Richmonde House Associates Ltd:

Richmonde House Associates Ltd From the first page of the Sample Instructions we see that the children are all still at home so alternative beneficiaries are appropriate. The next few slides are to help you make your decisions if alternative beneficiaries are relevant to your Will, and they will be particularly helpful if your are writing a Mirror Will. Compare the information in each slide against the instructions in the ‘Additional Notes’ box. When you are ready click to progress to the next slide. Make a note of any questions you may have and call us.

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Richmonde House Associates Ltd Like a lot of people, if this couple both die without issue they do not wish to share the estate on an individual basis. Instead, they are leaving a proportion of the estate to each of their families and specifying who, within their families, are beneficiaries. Here the split between the families is equal but it does not have to be.

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Richmonde House Associates Ltd So, assuming an equal split between families, if one partner has three siblings and the other partner has two then the individuals in one family would not receive the same amount as the individuals in the other family but each family will have received the same amount.

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Richmonde House Associates Ltd That is what this fictitious couple have decided except that Sarah also wishes to bring her parents into the equation whereas Christopher does not. This because Christopher knew that any money going to his parents would be taxed heavily as they are already in the Inheritance Tax bracket whereas Sarah knew her parents would be very glad of the extra money.

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Richmonde House Associates Ltd Also you will notice that if either of Christopher’s two siblings die before him then that sibling’s share passes to the surviving sibling and not to any children of a sibling who has died. Sarah, on the other hand, has instructed that only if her parents have died do her siblings inherit but if any of those siblings have already died their share does go to their children.

Richmonde House Associates Ltd:

Richmonde House Associates Ltd Reading this in conjunction with the Sample Instructions should help you understand some of the options you have but this illustration is certainly not exhaustive. Put down what you would like to happen and we will take it from there. Or, if you wish to discuss matters with us just give us a call.

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Richmonde House Associates Ltd You don’t have to include anything about your funeral but you may do so if you wish. The exclusions section is really only to note the name of someone who might expect to be included but who isn’t. Please read the notes if this section is relevant. Finally, include details of any business you own.

Richmonde House Associates Ltd:

Richmonde House Associates Ltd Before we conclude, it is clearly very important to get your Will arrangements right. It is possible that a standard Will does not suit your situation. For example, if you are a couple and are at all concerned about how remarriage (or, perhaps, care costs) might affect your arrangements then do please talk to us. Also, if there are children from previous relationships or if your estate is likely to be in the Inheritance Tax bracket then, again, you do need to talk to us before making a standard Will to make sure the arrangements are appropriate for your situation.

Richmonde House Associates Ltd:

Richmonde House Associates Ltd There may be other concerns or questions that you have. If so we will be pleased to be of whatever assistance we can. The right advice could save your family a lot of heartache. We have almost 20 years of experience in writing family Wills and we are always very approachable so by all means give us a call. 01373 471117

Richmonde House Associates Ltd:

Richmonde House Associates Ltd “We want you to be delighted with our service. Please help us to get everything right by checking your instructions and following the directions on the website entitled “ BEFORE YOU SEND YOUR WILL INSTRUCTIONS ” As always, if you are unsure of anything, just ask!” Bob Cullen ASWW Director Member of The Society of Will Writers