Q. Why make a Will, when the State already has one for me?

A Yes, the State does have a Will already written for you (under the Rules of Intestacy), it probably will not do want you want it to do, and it probably will not benefit those that you really want to - in fact it could cause financial hardship to those you love.

Q So why should I make a Will?

A It is difficult to list ten good reasons in order as everyone's priorities are different; but here is my top 10 list in no particular order:

1. SPEED: Appointment of Executors, those persons that you appoint to handle your estate on your death. By appointing executors or personal representatives via your Will, their appointment becomes effective the moment you die, if you were to die Intestate, it could be weeks, months or in very rare cases years, before the Grant of Letters of Administration can be obtained and the estate administered.

2. TRUSTS: If you have minor children, disabled children or partners, or your have simply been married before and have children of that marriage, you will want to make sure that their interests are being looked after. Many Wills, in fact most Wills written today, because of our more complicated lifestyles and property values contain at least one trust. Where a trust is created it is often necessary to have a minimum of two trustees. Today, probably more than ever before, trust in the person is not enough, they have to be capable and competent. It is not uncommon today to find estates in excess of both nil rate bands (currently £300,000 each person 2007/2008) simply because they bought their house at the right time and in the right place. It is worth considering appointing a professional to work with the trustees and the executors to guide them through the maze and minefield of forms and complicated red tape which will be required, and at a time when they themselves should be grieving.

3. GUARDIANS: If you have minor children making a Will is the only sure way that you can have a say in who will bring up your children, instil in them the same values that you have and help them achieve their goals and ambitions as you would have wanted for them. In particular if you are living with a partner and have children of that relationship, then it may be that the father doe not have ‘parental responsibility’, that is he may not have any automatic rights to his children if the natural mother were to predecease him and not have left a Will at least naming him as their legal guardian.

4. BENEFITING THOSE YOU LOVE: Unless you give away your possessions whilst you are alive, making a Will is the only way to ensure that what you own goes where you want it.

5. TAX SAVING: A Will can and will save you tax today, if your estate is worth more than the nil rate band threshold of £300,000 (2007/08). Take for example a married joint estate of £600,000, husband leaves all he owns to his wife and visa versa then to the children on the death of the survivor. Assuming they own the estate equally, die £300,000 each, husband dies first, his estate passes to his wife free of tax (inter spousal transfer), the wife subsequently dies some two months later; her estate is taxed on the whole £600,000 less her personal nil rate band allowance. So, £600,000 less £300,000 = £300,000 taxed at the normal rate of 40% Inheritance Tax means the treasury is £120,000 better off and the children £120,000 worse off, why? because this family did no planning and a relatively simple Will and trust would have reduced the tax to nil and still the survivor could have enjoyed the trust fund.

6. FUNERAL WISHES: You can state in your Will, how you want to be treated when you die, whether cremation or burial, or your ashes buried along with that of your late wife etc. It would not be unusual to state what hymns you would like sung at your funeral ceremony nor would it be unreasonable to leave "a sum behind the bar of your local for your friends and locals to toast your life", after all a funeral should be a celebration of the life you have lived. Just make sure that whatever you put in your Will, regarding your funeral wishes that you let your executors know via a separate letter or in the Asset Locator available free from this web site.

7. MINORS: We have talked about the appointment of guardians, but what about providing for the children, after all they cannot take their share until at least they reach 18 years of age. And at eighteen are they responsible enough to cope with and handle what could be potentially huge sums of money, so may wish to leave it to them at a later age say 25, but you can instruct your trustees to help them under this age by advancing any income generated by the trust. You should also bear in mind that there are inheritance tax implications if you use an age greater then 18 years.

8. PRESERVATION OF ASSETS: These days there are many ‘predators' on your estate, the Revenue in the form of taxes, the Local authority should you or your partner need full time residential care and of course your children! To name but a few. How you hold your home is vitally important today, will it pass by Will or by automatic succession? You really do need professional advice on this one.

9. BENEFIT TING CHARITIES: Did you know that making gifts over to charities in your Will is one way of reducing your tax burden (if you have one; gifts to charity are a tax efficient means of reducing your inheritance tax bill, whilst helping others rather that the tax man. You can also leave gifts to other public institutions free of tax. One popular method of giving, especially for childless couples may be to leave your estate on second death to a charitable trust, set up by you and managed by your trustees to benefit others long after you are dead.

10. PROTECT OTHERS: the power of a Will knows no bounds as you have seen already some of the many uses a Will has; but we can use a Will to protect others, ones we love, from themselves. In this age of drink and drug problems, money problems, divorce is high, marriage at an all time low, we can use the Will and in particular trusts to ensure that loved ones with problems are looked after financially but cannot access the whole of the capital at any time, but the trustees will ensure that the trust fund is used wisely.

Although only 10 reasons, and I'm sure you will think of many more, these are the main reasons why most people who decide to make a Will actually make one. But acting as an executor is an arduous task and can last many months, and the role of Trustee can last many, many years both roles bring with them finacial obligations which can be a bruden. It is important that you appoint the right people; and that is where using the SWW Trust Corporation will help bring peace of mind to you knowing that you have appointed an organisation, well known and well respected to help guide and assist those you love and have appointed to act.