• Hayburn Rock Financial Planning Ltd
  • St James Court
  • Bridgnorth Road
  • Stourbridge
  • DY8 3QG
  • Tel: 01384 868789
  • Fax: 01384 868790

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Will Writing and Estate Planning

What is a Will?

A Will is the most important document that we ever write. It is our 'final word' and it shows those we leave behind that we cared. More technically, it is a declaration of the person writing the Will (the Testator) as to what should happen to their property upon death. The Will does not take effect until death of the Testator and can be rewritten and revoked at any time.

Why Make a Will?

  • To ensure the assets of the Testator go to the specific people chosen
  • To appoint Guardians for children
  • To reduce Inheritance Tax
  • To reduce the value of assets which can be assessed by the Local Authority, if Nursing Home or Residential Home Care is needed.
  • To ensure the Estate is distributed quickly and within minimum costs in legal fees
  • To avoid family disputes
  • To give the Testator and family peace of mind

Who Should Write a Will?

Everyone over the age of 18 should write a Will, even if they do not think they have anything to leave.

Events That Trigger People in to Writing a Will Can Be:

  • Marriage/ Civil Partnership
  • Birth of a baby
  • Death of a relative that highlights the need for a Will
  • Divorce
  • Receiving an inheritance or large windfall
  • Concern about long term care fees

Common Reasons for Not Writing a Will:

"I haven't got round to it" "I've been meaning to do it" - It seems that most people mean to write a Will. By bringing you this service, we aim to make the task far simpler and achievable for you.

"It all goes to my Wife anyway, I don't need one" - This is the belief of many people, but in the majority of cases this is not necessarily true.

"I haven't got anything to leave" - You may think that this is the case for you, but if a homeless person owning nothing but the clothes on his back was run over by a bus, there could potentially be a claim against the bus company, which may raise a substantial sum for his beneficiaries.

What Happens if I Don't Write a Will?

If the family cannot find a valid Will, the deceased person has died 'Intestate' and his Estate is distributed according to the strict rules of 'Intestacy'. It should never be taken lightly that these rules are legally binding. It doesn't matter what the grieving family believe the deceased would have wanted, the deceased's assets are distributed according to these Laws, which can be upsetting to their family members.


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