There are many reasons to start thinking about writing a Will and the type of Will you may need. It is especially important if you have a property and a mortgage, other assets, are married or cohabiting, have children or have other people who depend on you financially.
The law surrounding inheritance can be complex, which is why Skipton feel it's important that your Will is drawn up by experienced Will Writing professionals. That’s why we refer you to Redstone Wills Ltd for your Will needs; our chosen Legacy partner and specialists in Wills. We are confident that they can construct a Will to offer you and your family peace of mind for the future.
In summary
Leaving a Will means you can:
- decide how much money is left to each of your loved ones;
- specify who will become the guardians of your children;
- pass your estate to an unmarried partner;
- choose who you want to be the executor of your Will;
- leave something to charity;
- give a memento, like a piece of jewellery to a treasured friend;
- minimise the amount of tax payable upon your estate; and
- minimise potential family disputes.
As some of the terms surrounding Wills can be confusing, please see our legacy jargon buster to help you understand.
What happens if you don't leave a Will?
When there is no Will in place, this is called being 'intestate'. There are laws which lay out who is entitled to your estate and this may or may not be in line with your wishes.
You can view our chart to find out exactly what can happen if you die without a Will in place, and the consequences this may have.
Your options
As part of our legacy service, we can refer you to our specialist partner Redstone Wills Ltd who can help you find a solution that's right for your individual circumstances, as well as arranging your Will quickly and easily with the minimum of fuss. Below you will find a range of options that may suit you; please refer to our tariff of charges document opposite for full details of the costs and the Redstone Will Guide for further details on each option.
Mirror Will
This option is ideal if you are married or have a civil partner and you wish to leave all your assets in the same way to each other.
Single Will
This option is suitable if you are single, or do not want a Mirror Will. It allows you to ensure that the right people receive the things you want them to have.
Discretionary Will trust
This enables you to place your estate into trusts for your loved ones. Trustees choose who can benefit from the assets placed into a discretionary trust.
If it is clear that the trusts are no longer required to save inheritance tax following the death of the first spouse/civil partner, then the trustees have the power to terminate the trust by exercising their discretion to give the nil rate band assets to the surviving spouse. You therefore need to choose trustees who have the technical knowledge and ability to do this.
Redstone also offer a range of documents relating to Lifetime Trusts. For further information on this and other types of trusts which can be used in Wills, please see the Redstone Will Guide.
Does your Will need updating?
If your circumstances have changed you may need to update your existing Will to reflect this. Marriage, or entering a civil partnership, are just examples of events that may cause your Will to be revoked. There may be other events, such as divorce or dissolution of a civil partnership which may mean that you want to change your Will.
Even if there has been no apparent change in your circumstances, a review of your Will every 2-3 years, as well as whenever your personal circumstances change, is a good idea. There may also be changes in tax rules or other legislation. If you have taken out the Legal Documents Care package, administered by Redstone Wills Ltd, some minor amends to your Will are included in the service free of charge. Just visit your local Skipton branch, call 0345 850 1700 or call Redstone directly on 0808 168 2560.
At the time you write your Will, you can appoint Skipton Trustees Limited as your Executor. But even if you haven't, your executor can seek assistance.
Also, Skipton Trustess Limited can act as your estate administrator in cases where there is no Will. Please see the Skipton Trustees Limited Independent Executor Leaflet for more details.