Excellent commentary on the recent Ilott case courtesy of Magdalen Chambers https://t.co/vacQdUmJvw
Wills & Trusts
What is a Will?
A Will is a document which only takes effect after your death. It primarily deals with the distribution of your assets but can also be used to nominate a guardian for any infant children you may have.
Who should have a Will?
The short answer is everyone! A Will is not just something that the wealthy should have. Yes, a Will can be used to try to reduce Inheritance Tax but its main purpose is to ensure that your assets pass onto those people who you want to receive them following your death.
What happens if you die without a Will?
If you don’t have a Will when you die, you will be considered to die intestate. When you die intestate, the Statutory Intestacy Provisions apply and this means that your assets are distributed between your blood relatives as set out in the legislation.
Therefore it is particularly important when you want to leave assets to family members who are not blood relatives (i.e. partners, children of a previous marriage and foster children etc) or friends, that you have a Will. Without one, they will simply not benefit under the Intestacy provisions.
How do we charge?
Our charges start at £150 + VAT for a basic single Will and from £200 + VAT for joint mirror Wills (designed for couples). However, it may be that you will require more complicated tax planning advice, in which case these fixed fees would not apply. For more details, please contact one of our specialist Solicitors.
We take the time to ensure that your new Will/s is/are appropriate for your individual personal circumstances, and take the time to get to know you; we do not adopt a “one size fits all” approach when it comes to drafting Wills.
What is a Living Will?
A Living Will, also known as an Advance Directive, is a document that you prepare in your lifetime so that you can let your loved ones, and those in charge of your care, know the types of treatment that you do or don’t wish to receive when you are unable to your wishes; a good example would be that you do not wish to be resuscitated.
How do we charge?
A Living Will is a low cost way of helping your loved ones to make difficult decisions at a time when they need guidance from you. Please see our fixed fee page for our current charges.
What is a Trust?
Put simply, a Trust is a vehicle which can be used to channel assets out of your own estate for the benefit of either specific people or perhaps a class of people (i.e. children and grandchildren collectively). A Trust can be created for many reasons but the most common reason is so as to save tax.
If you want to discuss the possible tax savings that can be achieved by creating a trust, please book an appointment with one of our Solicitors who will be able to talk you through the options available to you.
In addition to advising you on and assisting you with the legalities of creating a new Trust, we also offer a full Trust Administration service which will provide you with the peace of mind that your new trust is being run properly.
Contact one of our specialist Solicitors today using our online contact form or on the phone on 01392 274006 and see whether we can help protect your family’s wealth from the taxman!