Director & Solicitor Danielle Jarvie discusses the importance of preparing a will to ensure your wishes are met & nightmare scenarios avoided.
Danielle Jarvie
Director & Solicitor
Creating a will is crucial for two main reasons:
- It ensures your estate is distributed in accordance with your wishes
- It allows you to appoint a guardian for your minor children
Without a will, the law decides how your estate is divided, which might not align with your wishes.
Your Estate Being Left In The Wrong Hands
Few people like to think about what happens to their assets after they’ve passed away. Yet failing to plan or planning poorly can result in your estate ending up in the wrong hands. When this happens, the consequences are often financial, emotional, and deeply personal, affecting the very people you intended to protect.
Not having a trusted Executor appointed in your Will could potentially leave your assets in the hands of someone you do not trust to deal with the administration of your estate. For example, if you have children from a previous relationship, the other parent with parental responsibility will be authorised to deal with the administration of your Estate. This could result in funds being mismanaged or children receiving inheritance too early or without guidance
It’s vitally important that your wishes are met in the event of your death & that unfortunately may not be possible without a Will. If you want someone other than the other parent to deal with your Estate, it is fundamental to prepare a Will and appoint an entrusted Executor to deal with the administration of the Estate.
If you are separated but still legally married, the surviving spouse or civil partner is entitled to:
- personal chattels absolutely.
- A statutory legacy, which is a fixed net sum of £322,000
- One-half of the residuary estate (after payment of all debts and expenses) absolutely, after the payment of the fixed net sum and transfer of personal chattels
The remaining half of the residuary estate is held on statutory trusts for your children or their children. If there is more than one child, the residue is divided equally among them.
It is therefore of paramount importance to update your Will if you are separated from your spouse if you do not wish for them to inherit.
Furthermore, if you are in a relationship and have children from a previous relationship it is sensible to prepare a Will to safeguard your share of your joint assets for the benefit of your respective children (which is also beneficial for care fee planning) or preparing a mutual intention clause within your Wills to prevent the surviving spouse or partner from disinheriting your children from their Will.
Appointing someone you trust to care for your children
It is of utmost importance to prepare a Will appointing a Testamentary Guardian to ensure that your children are well cared for by someone you trust, if you and the other parent passed away during your child’s lifetime.
A parent with parental responsibility can name a guardian in their Will. However, this appointment only takes effect under certain conditions, such as if the other parent doesn’t have parental responsibility or if there was a specific court order in place before your death.
Key Considerations
- Consult the Guardian: It’s essential to discuss your decision with the intended guardian to ensure they’re willing to take on the responsibility. The appointment isn’t legally binding on them.
- Financial Support: Consider making financial arrangements to support the guardian in caring for your children.
- Formal Requirements: The appointment must be in writing, dated, and signed according to the Wills Act 1837 to be valid.
What Happens in Case of a Dispute?
If there’s a disagreement over guardianship, the court will decide based on the child’s best interests.
We've Got Your Back
If you need assistance or advice in regard to any aspect of this issue, we can help
Call Danielle on 01253 37 22 01, email enquiries@steeleandson.co.uk or complete our online enquiry form and one of our experts will contact you.