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You are also welcome to get in touch directly, if you would like more bespoke advice for your personal circumstances. These conversations are free, with no obligation.
Q. Why Should I write a will?
A. Having a Will in place gives you sole discretion of how your assets will be distributed to your loved ones. It enables you to decide who you would like to leave your family possessions to, such as cars and bequests. It also means that your businesses or investments can be transferred smoothly.
If you have children under the age of 18, then you can name a person who will have guardianship over them, also to name children from previous marriages that you would like to leave assets to.
You are able to reduce potential tense situations and disruption to family and loved ones by having the distribution of your assets clearly defined within the legally binding Will document.
If you are predisposed to wanting a charity to benefit from part/ all of your estate, this can also be defined within your Will.
Q. What is the difference between a living will and a last will?
A. A living Will provides health care instructions, such as whether or not you would like to be resuscitated or put on life support, should a situation arise. A last will is the document stating how you would like your assets distributed in the event of your death.
Q. What happens if a person dies without a last will?
A. If you die without a Will in place it is referred to as dying intestate, your money, property and possessions will be shared out according to the law instead of your wishes. This means that assets could pass to those for whom you had not intended, and those that you had intended to benefit, receive little to nothing at all.
Typically assets are left to the spouse (but not all assets subject to the size of your estate). In the event of there not being a living spouse, then the assets are shared amongst the children equally. If there are no children, then assets would be passed onto the nearest living relative, once it has been passed through probate, which could be a very timely occurrence
Q. Does a person need to have a minimum assets value to create a will?
A. The simple answer is no, you can create a Will to distribute as little as £10 or £10 million. The only difference is the tax implications that it will attract. It is important that you understand how inheritance tax is worked out, and with this knowledge create an informed estate plan.
Discussing estate planning with our experienced Will writer can inform you of the different options that you have, to ensure that your loved ones will be due to inherit as much of your hard earned estate as possible.
Q. How do I decide what is best for me?
A. Legal and Mutual Will Writers can help with this. Wills are not necessarily complicated, but there can be a lot of aspects to a Will in order to make them bespoke to you and your situation. Family dynamics can be very different, and there are ways of writing a will to ensure that your wishes are upheld as stated by you and your assets distributed as per your instructions and behests. The most important thing is that you do not neglect planning your estate. It’s the best way to protect your loved ones and make sure your assets are distributed according to your wishes.
If you have any other questions, however insignificant you may feel them to be, send us a message or arrange for us to visit you to discuss your options further.