It seems obvious to many that we build our wealth and save hard to pay off our mortgages to be able to leave our estates to our children. These decisions can already be quite difficult for some as relationships with children are not always straightforward, however, for people who do not have any children, these decisions have their own difficulties.
Some may have the view that there is no point in preparing a Will or taking advice regarding your estate if you do not have any children and in some cases, people often comment that they are not interested in what happens after they are gone. However, without the proper advice and a plan put in place, much of your hard-earned wealth could end up in the hands of HM Revenue and Customs being paid in tax, or passed to relatives you don’t have a close connection with and who you may not have ever met.
So who can be appointed as Executor of your Will?
An executor does not have to be a family member. They can be anyone aged 18 or over and can also be named as a beneficiary. Your executor should be someone whom you trust and who you believe is able to carry out the duties that fall upon an executor and distribute your estate in accordance with your Will.
You do have the option to appoint a professional as your executor. This can be a solicitor or accountant. A professional executor will charge a fee for acting in this capacity, however, the benefit of this is that they are regulated and have a duty to ensure that all steps are taken correctly to protect the estate for the benefit of your beneficiaries.
Who do I choose as my beneficiaries?
It is not uncommon for people to struggle with whom they wish to leave their estate to, however, speaking with your solicitor can often help you develop a plan as to how you wish for your estate to be divided.
This could include gifts of personal effects and sentimental items to friends, sums of money to people whom you are close to and even gifts to charities.
At Boyletts Law we appreciate and understand how difficult it is to make the decision to make a Will and even for those with what may appear to be the simplest of circumstances can struggle with how they wish for their estate to be distributed. The main thing is to seek advice and to discuss how you would like your estate to be distributed now, and not having any direct family should not change the fact that you wish to protect your estate from potentially avoidable inheritance tax or falling into the hands of relatives who you do not know.
If you have any questions about making a Will or would like to speak to a Wills and Probate Solicitor, please call us on 01279 295047 or complete our enquiry form and we will be in touch.