There are many benefits to making a Will, whether you are in your twenties, have just got your foot on the property ladder, have a growing family or want to consider elements of tax and/or estate planning.
A Will enables you to be clear about who should get what, protect vulnerable loved ones, and provide for those who would not necessarily benefit from your estate. A Will can also be used as an efficient tool to reduce tax and protect assets. It is also reassuring to know that you can chose who will handle your financial affairs as well as look after your family.You need to make a Will that makes your wishes clear, that avoids confusion and conflict amongst your loved ones, and that is legally valid and binding. Doing this will protect your family and friends from costly and stressful legal disputes.
Things you need to consider..
Who will be your Executors?
Your Executors have the legal and administrative task of sorting out your assets and debts after you die and making sure that your wishes as outlined in the Will are upheld.
Who will be your beneficiaries and what effect will their inheritance have on their circumstances?
You can designate anyone as a beneficiary and distribute your assets in any way you like, however if you don’t provide for your family and dependants, your Will can be contested and your hard earned assets used on litigation fees.
You also should consider the effects that an inheritance may have on your beneficiaries. In some cases a testamentary trust can sidestep potential taxation problems, so it’s important that you get specific advice about your situation.
How often should I review my Will?
You should certainly review your Will after any major events, such as marriage, divorce, property purchase or sale. Even if you have already made a Will, you should review it regularly to take account of changes in your personal or financial circumstances that may affect it. There could be changes amongst beneficiaries who may have died or been born since writing your Will, you may have just changed your mind; you may no longer have an asset or you may have gained more. It may be that you may have just got married, in which case any Will you have made could be revoked (cancelled), if not drafted to take account of the intended marriage, prior to the event. You can also appoint guardians of infant children in your Will as well as specify and funeral wishes that you may have.
We can help!
We know the potential pitfalls, and will ask you all the right questions to make sure that you have considered every possibility. We can advise you as to whether you would be best with a Will or a Testamentary Trust. We can design your Will in such a way to help protect your family from expensive estate litigation after your death and we can safely store your Will in our secure vault.
Here at JAYCON LEGAL SOLICITORS, you can be assured that any questions you may have about writing a Will, probate or your estate can be answered and any concerns allayed. As specialists we will give you the benefit of our advice and years of Will writing experience, which means that we can give tailored advice to our clients. We will discuss and advise you on the legal issues which arise when making a Will and also advise on the practical effect that your wishes may have after your death.
We offer a FREE consultation and are happy to meet in the comfort of your own home or in the office. We also offer FREE registration on the Certainty National Will Register.
Instruct us here!
Cancer Research UK
JAYCON LEGAL SOLICITORS participates in the Cancer Research UK FREE WILL SERVICE. We know that many people want to help beat cancer by leaving a gift in their Will. Cancer Research UK wants to offer something in return for this generous support. To qualify for a FREE WILL under this service you must be 55 or over. If you are making a Will with your partner, only one of you needs to be over 55. Cancer Research UK will pay for the cost of simple Wills. You will be liable to pay any costs which exceed this agreed amount.