Wills - Protecting You and Your Family

Surprisingly, many people defer drawing up their Wills as they do not wish to discuss or consider their death, and see it as being a long, long way away.

There is plenty of evidence that not arranging a Will could mean the deceased’s person’s assets are passed to the wrong people and additionally the value of their estate may be subject to unnecessary inheritance tax.

People who die without having drawn up a valid Will are considered to have died Intestate. In this situation the law lays down a standard set of rules for the distribution of their assets. The estate of a person who has died intestate can be very complicated and becomes even more so when children are involved.

A Will can be prepared for you with little hassle and costs for basic Wills start at around about £120 plus VAT for a single Will and £230 plus VAT for mirror Wills. We are able to advise you on inheritance tax planning schemes which can be incorporated in the Will, in particular of the insertion of Discretionary Will Trust arrangements.

We would strongly advise you consider drafting a Will and should you need assistance in doing so, please feel free to contact us when we will be happy to help you further.

Why Should You Make A Will?

Making a Will is the only way you can be sure that your wishes will be followed after your die. If you don’t make one, part or all of your estate may go to people who you never intended to benefit. Not only that, Inheritance Tax legislation means that, if you don’t prepare properly, a substantial part of what you leave behind may go to the State.

Thankfully it is easy, quick and inexpensive to have a Will drafted by a properly qualified professional.

What About Home-Made Wills?

Home-made Wills can be disastrous. You may omit particularly important details, such as what you want to happen if the main beneficiary does not survive. It’s always worth talking to a professional to make sure everything you need to cover is included in your Will.

What Should I Consider When Writing a Will?

Wills aren’t solely about passing on your assets. You can also include specific funeral arrangements: for instance, burial, cremation or the use of your body for medical research. You may also want to appoint legal guardians to care for your children if you and your partner should die before they are 18.

One other important consideration is the appointment of your Executors – the people who will deal with your estate in the event of your death. Ideally, these should be business-minded family or friends or professional advisers.

What Else Can I Include In My Will?

You may choose to use your Will to pass on business interests: for instance, you could leave shares in the family company to a son or daughter who has come into the business. This is a very tax-efficient way to leave assets to your intended beneficiaries. Personal, items like jewellery, paintings and heirlooms can also be covered in a Will, as can any gifts you wish to make to charity.

Can I Leave Money to My Favourite Charity or Cause in My Will?

Yes. In fact many people who give to charity choose to leave something behind to the favourite cause or causes when they pass away. Legacies from committed supporters make up a very important income stream for many charities. If you do want to leave something to a charity, the donation can be as small or as large as you like. However much you decide to give, you can rest assured that the charity will not have to pay any Inheritance Tax on the donation.

Powers Of Attorney

Is There Anything Else I Need to Consider?

Once you have made a Will you’ll be able to enjoy the reassurance of knowing that your affairs will be taken care of after your death. But did you know you can also set up an arrangement to look after things if you become incapable during your lifetime? This is known as an ‘Lasting Power of Attorney’. Please contact us and we will be happy to explain the benefits of this arrangement.

Why not contact us to find out how we can help you plan for the future.

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