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There can be more to making a will than just deciding who is to inherit which part of your estate after you have passed away. This is, of course, an important aspect of your will, and for many people that’s all you will need to do.
However, some people view their will not just as a way to shared out their estate, but as a way of looking after future generations of their family. These decisions, how they are reached and the way that they are implemented, can be very important too. There are no restrictions on who can benefit from provisions made in your will and can include children, step children, grandchildren and even nieces or nephews.
Types of Provisions
Usually, provisions for children and other beneficiaries of your estate, come in the form of simple gifts of cash or other assets such as property. A will can also be used to make longer term provision such as grandparents putting money in a trust to support their grandchildren’s education for example.
You can also stipulate that a beneficiary is not able to inherit fully until they reach a certain age in the expectation that they will be able to manage their affairs responsibly by then.
What’s more, you can use your will to influence the appointment of guardians. Where there are children under 18, the inheritance that they would receive is automatically placed in a trust for them, and can be used to provide for them while they are still under-age.
You may also wish to put property in a trust to ensure that it remains a source of income and benefit for a long time to specific beneficiaries.
It’s important to note that you can also make provisions for your descendants during your lifetime. The advantage of doing this is that if you make a substantial gift more than seven years before you die, it will not be taken into account when it comes to calculating inheritance tax.
David Henry from Swansea Legal Solutions explains more about this subject in this short video: https://www.youtube.com/embed/n-vfq9NIhjk
For many people, as the majority of their estate is normally tied up in the family home, they are unable to make provisions of this type during their lifetime. This is why it is so important to ensure your will is properly constructed by a legal professional to ensure you make the most effective provision for your children and other family.
Free Wills Month at Swansea Legal Solutions
October is Free Wills Month at Swansea Legal Solutions. We are offering people over the age of 50 the opportunity to have their basic wills written or updated free of charge. You can find more about this service here or call a member of the team on:
