More than half of people in the UK do not have a Will in place to deal with their estate when they die. This is either because they think that making a Will is a complicated process, or because of the common misconception that you do not need to make a Will because your assets will go to the right people. However, this is not always the case.
The process for drawing up your Will is generally straightforward and (with appropriate financial advice where necessary) will ensure that you leave your estate to your friends and family in the most tax efficient way. With house price inflation increasing numbers of homeowners in the UK are unknowingly crossing the inheritance tax threshold and there is an increasing need to protect your wealth. If you create a valid and effective Will you will have the pece of mind that in the event of your death your wishes can be acted on promptly and efficiently to provide security for your family at a difficult time.
If you do not have a Will in place your estate will be distributed in accordance with statute (Intestacy Rules). This could lead to your estate being left to the wrong people and will not necessarily reflect your true intentions. It can also be a stressful experience for your friends and family if they do not know what your wishes were for gifts of sentimental and monetary value.
You can use your Will to appoint guardians to care for your children whilst they are under the age of 18 at the time of your death. If you have not appointed guardians then the courts will appoint the guardians instead, and they will not necessarily choose the people that you would have preferred to take care of your children. By appointing guardians you can ensure that your children are looked after by people you trust and who have similar beliefs.
You can also use your Will to set up a trust for your children whilst they are under the age of 18 to ensure that they are well cared for into adulthood. By creating a trust in your Will you can ensure that the trustees have all of the powers that you think are necessary to use the inheritance to care for your children during their minority and to protect that inheritance for your children when they attain adulthood.
We can advise you on the drafting and updating of your Will and ensure that as your circumstances change your Will continues to truly reflect your intentions.
We operate a fixed-fee service for all basic wills, which are charged at £150.00 plus VAT for single wills, and £250.00 plus VAT for a pair of mirror wills. Where wills are more complex we will prepare a quote based on your specific requirements following an initial consultation.
Please contact Oliver Campbell in our Private Client Team on 01483 668813 to arrange a free initial consultation for either a new Will or for a review of your existing Will to ensure that it still reflects your wishes today.
TP Legal Ltd is regulated by the Solicitors Regulation Authority (SRA no. 567465).
TP Legal Ltd © is a limited company, registered in England and Wales with registered number 07967867. We trade under the name of TP Legal Solicitors ©. Directors - Jayne Gill, Tariq Phillips and Hannah White (Solicitors). Copyright 2017