Estate planning and making a Will after a cancer diagnosis
After a cancer diagnosis, you and your family may have concerns about finances, dependants, and even the belongings you’ll leave behind.
Estate and Will planning allows everyone around you to understand your preferences, and makes sure that everyone is on the same page. Preparing your estate and finances can also help you feel more settled, safe, and in control, so that you can spend valuable time with those you love.
When you go to a solicitor following a cancer diagnosis, they may ask you questions which may seem personal or upsetting, such as:
What diagnosis do you have?
What is the impact on life expectancy?
What treatment will you receive?
What are the side effects?
These questions are not intended to be intrusive. While these are difficult conversations to have, they allow your solicitor to have a better understanding of what to expect and prepare for. They can determine how urgent estate planning may be or whether your ability to make decisions will be impacted.
Your ‘estate’ is everything that you own, either by yourself or as a share of something you own jointly with someone else. This can be:
Property
The contents of your home
Your savings
Anything you owe is taken off the value of your estate. For example, if you have a mortgage, the value would be taken off.
In simple terms, estate planning therefore means leaving directions for what will happen with these things after you are gone. Your estate plan will create an accurate overview of your assets and your worth, allowing you to leave clear details about what you would like to be done.
From here, you can make informed decisions on provisions for your loved ones. You can determine who to leave your house to and figure out whether your friends and family will need to pay inheritance tax on the gifts you give them.
A Will is a legal document that sets out your wishes for distributing your estate. It is important to have a Will as it leaves clear instructions of what you want to happen to your property after you die. You can also include instructions on funeral wishes and who you want to look after your children.
The people or organisations you choose to leave your money and possessions to are known as your ‘beneficiaries’. You can also choose who will oversee sorting out your estate; this person is called an ‘executor’. An executor can be a solicitor, or it can be someone else that you trust.
To make a Will you must be at least 18 years old in England, Wales, and Northern Ireland. In Scotland, you only need to be 12 years old.
The first step of making a Will is to determine what the value of your estate is. Make a list of everything you own including:
Property and vehicles
Jewellery
Furniture and antiques
Bank accounts, ISAs, and shares
You’ll also want to make a list of everything you owe, such as any outstanding mortgage balance, overdrafts, bank loans, and credit card debts.
Next, you will need to decide who you want to include in your Will. You can leave things to people, charities, or organisations. For example, you may want to leave behind a donation to Cancer Research, Macmillan Cancer Support, Breast Cancer Now or any other organisation.
You can leave each person or organisation a specific amount of money, or an item with financial or sentimental value. Alternatively, you can leave them a percentage of the whole value of your estate. This is a good option if you are unsure what the remainder of your estate will be after the rest of your Will is distributed.
Then you need to decide on what instructions you want to give to your executor. Things to consider include:
Who you want to be the legal guardian of your children under 18
Who you want to care for any other dependants
What will happen to your pets
How you want your funeral to be
Once your Will has been written, you will then need to sign it. You will need to have two witnesses present (or just one witness if you live in Scotland), who will also sign the Will to make it valid. It is important that you do not invite any of your beneficiaries or their spouses to be your witness, as the gifts you have left them will be void.
It is important to consult with a professional when planning ahead. As a Will is a legal document, it is often best to use a solicitor to help you write it. They can help with the correct wording of the document, ensuring that no mistakes are included that would make the Will invalid.
Here at Wilkin Chapman, we are with you every step of the way and we can help you and your family prepare for the future. Find out more about our Will, estates, tax, and trusts service.
Contact Michele to discuss this further.
