Whether you have a Will already that needs amending due to changes in your situation or if you are looking to make a Will for the first time, we can give you practical advice without the jargon and write a Will for you which ensures your wishes will be carried out.
Our advice is tailored around your situation and that is why we offer a FREE initial meeting with you in the comfort of your own home to discuss your needs. By taking a consultative approach we will understand your needs and wishes.
If you die without a legally valid Will in place ( also known as to die intestate), your estate would be divided in accordance to the Rules of Intestacy which may not suit your wishes. Any assets held jointly would automatically pass to the surviving owner.
The rules set out who is to inherit and by how much. A surviving spouse would inherit everything only if there were no children in which case the spouse would receive the first £270,000 and then half of the remainder of the estate. The surviving children would get the rest. If there was no spouse, children or grandchildren then the parents of the deceased would inherit. If there are no parents, brothers and sisters would then inherit. Under the rules there would be no provision for charitable bequests.
If there were no living relatives then the estate would pass to the Crown or the Duchy of Cornwall or to the Duchy of Lancaster (depending where the deceased resided).If you die intestate, your next of kin will have very few rights to deal with financial matters until they are appointed by the court as administrators of your estate. By making a Will you can choose who will administer your estate, choose who will benefit and how much they will receive and make charitable donations.
A Will is a very personal document. It sets out your wishes regarding the distribution of your property and the care of any minor children. By making a Will you can have certainty about who your estate will pass to. You can chosen people to act for you in various capacities such as executors or guardians of any children under the age of 18.
A Basic Will is the simplest type of Will. It makes provision for everything to pass to your surviving spouse/partner or to children/grandchildren if your spouse/partner has already died. A couple should make a Will each. They are commonly known as 'Mirror Wills' because they reflect each others' wishes.
Executor: An Executor is someone you name your Will who is responsible for dealing with your estate and carrying out the instructions in your Will. It is a responsible role and only trusted people should be chosen. They could be family members or friends.
Guardians: If you have children under the age of 18, it is very important to name guardians in your Will. This will give you peace of mind that you have made appropriate arrangements for your children and who will be looking after them. If you don't appoint guardians in your Will, the court will determine based on the circumstances who would look after your children. The process can be upsetting for all concerned.
Gifts : Without a valid Will you cannot give any property or monetary gifts to anyone or to any charity. Your chosen executors would ensure the gifts are distributed according to your wishes. Gift clauses can minimise family disputes over items such as jewellery, art or stamps.
Residuary gifts: Once all debts have been paid, such as funeral costs, mortgages, pension over payments or credit card bills etc. and any gifts distributed, the remainder of your estate is called the 'Residual Estate". You can leave it to whoever you want: spouse/partner, children/grandchildren, charity.
Trust Wills are more powerful than Basic Wills and can safeguard your assets for many years after your death. They put in place specific arrangements for your loved ones such as a trust fund or the right to live in property.
Family life can be complicated and in some circumstances it is necessary to protect your assets even after your death.
For example, if you want your children to ultimately inherit your home at some point in the future, you may not achieve this by simply leaving everything to your spouse/partner. By adding a 'right to reside clause" in your Will you can let your spouse/partner live in the house for as long as he/she wants but when he/she has stopped living in the house it could be sold and the proceeds distributed to your children or chosen beneficiaries.
Sideways disinheritance: This occurs when a spouse/partner leaves everything to their surviving spouse and that person remarries and makes a new Will leaving everything to their new spouse/partner. The act of marriage revokes any Will or codicil in place (unless the Will was made in contemplation of marriage) so the surviving spouse would need to make a new Will. If he/she leaves everything to the new spouse/partner and then dies the entire estate would pass to the new spouse/partner not to the children from the first marriage. A 'Right to Reside' clause would have given the surviving spouse the right to live in the property but after his/her death the share would pass to the children of the first marriage.
Long term care: Care is very costly and if required it can reduce your estate value drastically almost leaving nothing for your children. Often in a basic Will everything is left to the surviving spouse/partner. If that person then requires care after they have inherited from you, the whole estate value is means tested to determine whether a local authority will contribute to that person's care. There is a threshold value at which the local authority will not contribute. Any assets owned above the threshold must be used/sold to cover care fees. By adding a protective trust in your Will, it is possible to safeguard your share of the home from the local authority means test. When the home is eventually sold, your children will inherit as you intended.
In certain circumstances it may be appropriate to include a Discretionary Trust (DT) in your Will. With a DT you give your chosen trustees the power to decide when to distribute assets or income out of the trust and how much a beneficiary will receive, if anything. Such circumstances may include beneficiaries going through a divorce, bankruptcy, for vulnerable beneficiaries who cannot handle finances or who may lose state benefits if they inherit amounts over the permitted thresholds. Income from the trust fund could be 'drip-fed' to the beneficiaries when and if needed. It is a great way to safeguard their interests and your assets.
The Trust Register is now the only way that trusts can be notified to Her Majesty’s Revenue & Customs (HMRC) for self-assessment tax purposes. It can be setup via the UK ‘Government Gateway’ facility after setting up a Government Gateway account online. the responsibility for registration falls with the trustees. Trusts created in a Will must be registered within two years from the death of the creator.
Property and certain assets can be owned solely or jointly. If you own assets in your sole name you will need to dispose of them in your Will.
Joint ownership: Any asset that is jointly owned, such as a house or a bank account will pass automatically to the other joint owner on death. This may not be what you want. Consider the issue of sideways disinheritance. For a trust to work in your Will, you will need to 'sever the joint tenancy' and become 'Tenants in common'. We can prepare all the necessary documents for you and apply to HM :Please note that any property held as Tenants in Common would require a grant of probate on death.
Single ownership: If you want to ensure particular assets go to certain people after your death you must make a Will. You could still add a trust in it to safeguard your assets whether granting someone a term to reside in your home or add a discretionary trust for a vulnerable person.
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