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How to make your Will

  December 11, 2015    Finances,Investments    Author

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 debts behind?
  • Will my assets be frozen?

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.

Single Will
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.

Mirror Will
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.

Living Will
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.

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