Wills are something we all put to one side and leave for a later date! Putting them off though can leave you, your partner or spouse vulnerable and subject to tax liabilities that with ahead planning, could be avoided.
How you wish your property to be distributed after you have passed away will dictate the type of Will you use. For people with less complex estates that do not attract a hefty tax burden a straightforward Will may be sufficient. This will cover appointment of executors, guardians, gifts and specific legacies, gifting the remainder of your estate and funeral arrangements. A basic mirror Will, designed for spouses, civil partners and cohabitees, can be drafted to reflect the same wishes.
Where tax planning and trusts are needed to distribute an estate that requires careful management, different instruments will be needed.
Some issues to consider before drafting your Will
- Who do you want to benefit from your Will?
- Executors, who will adminsiter your wishes?
- Do you want to make any personal gifts?
- Will the distribution of your estate be tax efficient?
- Pensions/insurance policies (are they in trust?)
- Child arrangements
- Disposing of Property (how owned now?)
- Charity donations
- Should you be creating a trust for your children or others?
- Business assets or shares – are these dealt with in your directors/shareholders/partnership agreement as well as your Will?
- Children from a former marriage
- Funeral arrangements
Trusts and tax planning
This is necessary if you want to minimise liability for the future and have a definitive say in what happens to your assets after you have passed on. For example, you may want to protect your young children by placing funds into a trust for when then reach a certain age.
There is a lot to think about but we will guide you through all the necessary steps in a friendly and clear manner. Our team will work with you to recommend tax efficient solutions to meet your future needs. In our dealings with you we will always endeavour to provide clarity of information, keeping everything clear, simple and transparent.
Our solicitors can help you prepare a valid Will which will divide your assets as you wish after your death. Our private client solicitors will also advise you on how to avoid the beneficiaries of your Will paying too much tax following your death with efficient inheritance tax planning and trust law.
Inheritance private client solicitors can help your executives and relatives making claims for a share of the deceased’s assets. Whether the deceased died with a Will or without a Will, a claim for a share of the assets can be made under the Inheritance (Provision for Family and Dependants) Act 1975. Under this Act an application can be made for a reasonable financial provision by a spouse, a former spouse, a child, a dependant or someone that lived with the deceased. Our solicitors can advise you as to whether you are entitled to make a claim. You should be aware that a claim under the Inheritance (Provision for Family and Dependants) Act 1975 needs to be made within 6 months of the Grant of Representation.
If you are named in a Will as an Executor or a Personal Representative then you should speak to our solicitors.