When you sit down with our qualified advisers and start to make your Will, you’ll probably have all kinds of questions and concerns. For example:
To answer these questions, and others, we’ll be looking to build up a picture of your life, including your assets, financial liabilities and family ties. We’ll consider different eventualities and your wishes in every scenario…then armed with the right information, we’ll suggest a suitable Will.
There are four main types of Will available to you.
A straight forward option that gives you total freedom to plan your estate. You specify everything, including your Executors and beneficiaries, so your estate passes to the right people once all debts have been paid.
You can also leave specific gifts – money or possessions – as a final gesture to friends, family members or charities.
And of course, you can record any specific wishes, including guardianship of dependent children, care arrangements for pets and instructions for your funeral. Everything is included.
Also known as a Joint Will, a Mirror Will is made by two people who share a property or other assets. Like a Single Will, a Mirror Will allows you to specify Executors, beneficiaries, gifts and other arrangements. The only difference is, inheritance is staggered.
When the first partner dies, the second partner inherits the balance of the estate. Then when the second partner dies, the full estate passes to other beneficiaries.
This type of Will is ideal for couples who want to protect each other, then share their wealth after they’ve gone.
Protective Will With Trust
Adding a trust to your Will is an easy way to give your family the protection they’re going to need. Naturally, different trusts serve different purposes, so it all depends on the type of problem you foresee.
For example, if you look after a vulnerable adult, a Discretionary Trust will give them the support they need in the future. Trustees will help them to manage their inheritance and protect their entitlement to state benefits.
Alternatively, if you want to safeguard your estate for your partner and beneficiaries, a Flexible Life Trust or Property Trust could serve you better. Both trusts are designed to preserve the value of your property or other assets as they pass down the family line. Even if your surviving partner needs care in later years, the trust will reduce the impact of care fees on the estate.
There could be a time in the future when you’re unable to communicate or make your own decisions. And if that happens, your family will face some difficult choices. A Living Will is a simple way to set out your wishes in advance – making sure you’re treated on your own terms, and releasing your loves ones from the burden of acting on your behalf.
A Living Will includes legally-binding wishes, like refusing medical treatment, and non-binding wishes like choosing the type of care you want to receive.
A Living Will is a sensible option for someone with a degenerative or terminal illness, especially if they have strong feelings on specific types of medical treatment.
Today, you’re in full control. But there could be a time in the future when you can’t make decisions, or make your wishes known. That could be the result of an accident or illness, or simply because age has caught up with you at last. But either way, it’s important that someone close to you...
When you sit down with our qualified advisers and start to make your Will, you’ll probably have all kinds of questions and concerns. For example: Are my savings, investments and other assets protected? Will my estate pass to the right people? Will they face inheritance tax? Who will look after my children? Will I leave bad...
Before you make your Will, you’ll need to spend some time thinking about your estate. Who do you want to remember, and how? Who can you trust with responsibilities, like caring for children or running a business? And what situations do you want to avoid? You won’t want the things you value falling into the...
You’ve worked your whole life to provide for your family. So naturally, when you pass away, you’ll want them to inherit as much as the law allows. Right now, under UK Law, you can leave up to £325,000 before your family has to pay Inheritance Tax. And if you’re married or in a registered civil...