Making a Will is something that everyone must do before they die. Wills help to ensure that your estate gets handled the way you want it to be even when you’re not there. You can also plan your Will in such a way that your loved ones will be provided for in a tax-beneficial manner. The beauty of writing a Will is that you can always review it according to circumstances such as new births, divorce, increased estate holdings etc.
Most people assume wrongly that once they die, their assets automatically get transferred to their spouse or registered civil partner. The worst part is that they will not be alive to see the harm that this misconception may cause. If you do not have a Will in place, there are UK rules of intestacy that will decide what happens to your belongings and how it is shared among those recognized as beneficiaries. These laws exist to take care of spouses, biological children, and civil partners. However, you definitely have other important people in your life that you will wish to see taken care of when you are no more.
Without a Will, you run the risk of your estate being assigned in a way that is detrimental to your wishes and legacy. Why not avoid this by drawing up a Will today? Our Wills and Estate Planning team has been helping clients to draw up Wills that will make sure that their wishes are followed after their passing.
You want to have a say in how your assets are distributed, not the rules of intestacy that may end up favoring those you would rather not see end up with your property. It also helps you to assign definite sharing plans and proportions so that your last wishes are clear and followed to the letter.
A valid Will ensures that your children are well taken care of when you die. This is even more critical when your children are under 18, and may need a guardian to take care of them till they are old enough to do so themselves. You can also use a Will to set up a trust fund for your adopted and non-biological children who would otherwise be disadvantaged by the rules of intestacy.
Using an experienced Will writing service will ensure that your dependents get the maximum possible inheritance, while making sure that they do not pay excessively on inheritance taxes applicable. Preparing your Will ahead of your death also allows you to make special provisions to protect your beneficiaries from charges and legal fees that they may incur in the absence of a Will.
There have been many cases of claims being made against the estates of deceased people by people who feel entitled to the inheritance. This can be a tedious source of worry for your beneficiaries where there is no Will in place. It is therefore in your best interest to seek legal advice today and make a Will that prevents unwanted claims to your estate in your passing.
The reading and execution of your Will, Trust and Powers of Attorney is a process that may take a long time, depending on the complexity. Once the process is completed, it is essential to make adequate plans to ensure that the original documents are protected and stored safely for future use. There are many legal implications to accidentally losing or destroying original Trust documents because it may cause claims issues in the future if you do not have proof of your claims.
A damaged Will may not be accepted by the Probate Registry as there will be suspicion of tampering and foul place. This would therefore lead to a convoluted process that will delay the execution, leading sometimes to the rules of intestacy coming into play. You can pay an annual fee for your documents to be housed in a safe storage facility that will ensure that your documents are kept in the best conditions:
Our Wills and Estate Planning team at City Legal can help you set up wills and trusts with a view to protect your estate and provide you with Inheritance tax planning advice. We can also assist for the safe storage of your Will. We are a multi award winning law firm and pride ourselves in being approachable, innovative and always going that extra mile to make sure our clients receive the individual attention they deserve. Our estate planning team maintains a high reputation and is committed to provide clear, transparent and reliable advice to our clients.