A Will is one of the most important documents you will ever make, yet over 50% of adults in the UK still do not have a Will. A Will ensures that your money and possessions go to the people and causes that matter to you most. Have you written yours?
Private Client Partner, Amanda Wilson, talks about Wills and Lasting Power of Attorney (LPA):
If you die without leaving a Will your partner, spouse or other close family members do not automatically benefit from your estate. If you have no surviving family your estate will pass to the Crown. Many people are concerned about the cost of writing a Will with a Solicitor. But a simple mistake in a DIY Will or one prepared by uninsured and untrained Will writers can often mean paying a much higher price and leave loved ones and assets unprotected.
A straightforward Will writing service costs £200 plus VAT, whereas two individuals together will cost £350 plus VAT. If you have any questions about Will content, then please contact our Private Client department.
As a Will writing Solicitor we will advise on Inheritance Tax, asset protection by the inclusion of a Trust in your Will and the appointment of guardians if you have minor children. Our Wills and inheritance advice offers a flexible solution to practical problems.
If you die without leaving a Will your partner, spouse or other close family members do not automatically benefit from your estate.
Protect Your Loved-ones and Your Assets
It is important to remember that if you die intestate (without making a Will) your wishes will not be carried out in regard to providing for your loved-ones and distribution of your assets:
If you die without leaving a Will, depending on the size of your estate and whether you have children, your spouse may not inherit all your assets.
Without a Will If you are not married to your partner, regardless of how long you have lived with them, they will not be entitled to anything from your estate. Until you have lived with your partner for two years they are not even entitled to make a claim for reasonable financial provision from your estate. If they do qualify to make a claim they will have to make that claim against the estate which could prove complicated, expensive and also cause distress to your partner and family.
If you have separated from your spouse or started divorce proceedings, your estranged spouse will still be entitled to a share of your estate. By making a Will, you can ensure that your estranged spouse will not automatically inherit your estate, but instead beneficiaries that you specify.
If you and your partner own your property as joint tenants and neither of you make Wills, then your property will pass solely to the beneficiaries of the second of you to die, not to any members of your family.
You can appoint guardians to look after your children if you should die whilst they are minors. Without a Will, any funds passing to your children would be inherited by them upon their attaining the age of eighteen years. If you would prefer your children to inherit when they are older, this can be stipulated in your Will. You can also ensure that funds can be advanced to your children for their general upbringing and education. Step-children will receive no benefit unless provided for under your Will.
Your Will could include Trusts to protect your assets for your children and also from future residential care costs. Trusts are often included in Wills where there are second relationships to ensure your children from your first marriage also benefit from your estate.
Without a Will the people dealing with your estate will need to apply for a Grant of Letters of Administration. Until they have this they will have no authority to run your business – this can take at least three months to obtain.
We Work With You
Contact a member of our Private Client team or call into your local office today for further advice on securing your family's future.