Although it is possible to write your own will, there are several legal formalities that must be followed to make sure that the will is valid. By making a legal will you can decide how your assets are divided up – if there is no will, the law decides who will benefit from your estate.
Before discussing your will with a solicitor, you should think carefully about what you would like to include in it, taking into account property, money and possessions, and who you would like to benefit from it. You should also consider who is going to carry out your wishes after your death and also sort out your estate – ie – become your executor.
If you are not married or in a civil partnership, your partner will not automatically inherit on your death unless this has been specified in your will. There are complicated laws if a person dies without making a will (known as intestate), and it is always advisable to seek legal advice.
Our specialist Private Client Team can also advise on Inheritance Tax and may also visit you at home, in hospital or care home if you are unable to come to the office.
Private Client Partner, Lee Young, says “If you leave everything to your surviving husband, wife or civil partner there won’t usually be any Inheritance Tax to pay, but remember that their estate will be worth more by the time that they die, so Inheritance Tax may have to be paid then.”
It is possible to make a family trust to pass on your assets, as well as a will. Provision can be made in a will for a trust to start once the estate has been finalised. A trust can also be used to look after your assets if the beneficiaries cannot manage to do this for themselves because of their age or a disability.
Setting up a trust is complicated, but our Private Client Team are here to help you with this. It is important to get your will correctly written, so we offer a free initial meeting to discuss your requirements. Call us to arrange your free meeting on 01202 499255.