Wills and Estate Planning

Wills and Estate Planning

We are pleased to advice our clients on all aspects of Wills and Tax Planning.

Wills

Many people think that making a Will is something you only need to do when you are old. However any person with property or any assets should make a will to protect their assets and their loved ones.

We cannot stress enough the importance of making a Will in order to deal with what happens to your property after you die. A properly drawn up Will gives you real peace of mind. You can make provisions for your partner and family, and know that your wishes will be carried out.

Without a Will, the law of intestacy will apply and your estate may not be administered according to your wishes. In some circumstances this can cause a great deal of distress for those who are left behind and also hardship.

Furthermore, if you do not have a Will you will not be able to ensure that your estate is administered efficiently to ensure that you limit your tax liability.

The following are just a few examples important reasons to make a Will:

  • Your decision about who you appoint as an Executor is crucial as that person will take decisions about your Estate after you die.
  • You may have children under the age of 16 and in the unfortunate event of both parents dying you would obviously need to make provisions for their welfare to nominate Guardians and make financial provision for their future.
  • If a relative or friend is dependant upon you in some way, then you can make the right provisions in your Will to bequeath an appropriate part of your Estate to your dependant.
  • You may be able to save your family paying unnecessary Inheritance Tax at the time of your death by making appropriate provisions in your Will.

Feel free to contact us for a no obligation quote for your new Will. If you require a home or hospital visit this can be arranged.

Estate Planning

Even if you think you have a relatively simple estate or family situation, your assets can be protected through efficient tax planning.

Where your estate or family situation is more complex, your assets can be protected and distributed in accordance with your wishes through a well-structured and tax efficient Will.  For clients with more complex estates we are happy to work alongside independent financial experts where specific financial advice is required.

In addition to a well-drawn up Will, trusts can often be established as part of the estate planning process and can be used as a tax efficient means of passing on assets.  Trusts are also useful as they allow the person responsible for setting up the trust to retain a degree of control as to the way in which the assets which are placed in trust are to be managed for the beneficiaries

Trusts can be created in your lifetime or under the terms of your Will and may arise when:

  • A beneficiary is too young to handle their affairs
  • When an individual is in some way incapacitated  (either mentally or physically) and therefore incapable of handling assets
  • Passing on money or property whilst you are still alive
  • When an individual dies without making a will

The law surroundings trusts and estate planning is complex and it is important to ensure you obtain expert legal advice. This is where we can assist you and please feel free to contact us to discuss this.