Do I need a Will?
Making a Will is hardly the most exciting proposition for most people, particularly when you're young. However planning your Estate and making a professional Will is one of the most important things you will ever do.
You are not tempting fate and nor does it mean that you are about to die. On the contrary it can bring you peace of mind for the rest of your life knowing that your financial affairs are in order.
A Will is vital to protect your hard earned wealth and assets. By putting your assets in order and including them in your will , not only can you can protect them, but A Will can ensure that your assets are kept within the family and are passed on down the generations.
Further a Will brings peace of mind not only to you but also to your loved ones. It reduces unnecessary heartache to family, friends, and loved ones by ensuring that your assets go to the people you want. Disputes over property can cause arguments among family members which may lead legal proceedings to resolve them. Having a valid Will should remove any doubt about who you want to leave your Estate to. It can also protect your Estate from unwanted predators such as the taxman via the establishment of appropriate Trusts.
If you have children under 18 you can ensure that they have a suitable guardian or guardians to look after them. You can also establish maintenance trusts to protect their inheritance and their future.
If you are not married, even though you may have been partners for decades, your surviving partner has no automatic right to inherit. Your Estate will be dealt with under the intestacy rules. Also, if you have separated but not divorced, your ex-partner will inherit the first £250,000 of your estate. If you remarry or enter into a civil partnership, any Will that you have will become invalid. Therefore you will need to draw up a new one.
If you do not make a valid Will you die intestate. The risk is that your estate may pass to someone that was not intended to benefit. Or a delay to distribution will most likely ensue as an Administrator will need to be selected who will then need need to apply to the court for a grant of representation. If there is an inheritance tax liability then distribution of your estate will be further delayed until whoever is to receive the Estate pays HMRC.
Can I write my own Will?
Yes it is perfectly legal to write your own Will. However very few of us have the skills needed to do this properly. For a WIll to be legally valid it must satisfy a number of legal requirements. Failure to satisfy those requirement may mean that your instructions are not followed, or even that your Will isn’t valid. Further if your family circumstances are in any way complicated, or if you think your Estate will exceed the nil-rate band and you seek to reduce your IHT liability, it makes a lot of sense to get the right advice. Charis Life Planning are Estate Planning Specialists. We can help you every step of the way. It is said that solicitors make more money sorting out badly written or invalid Wills than they do out of writing them! Make sure you get it right first time.
Take control of your future. You have worked hard to create your wealth. The right decisions now will protect you, and your loved ones.
Incorporating a Disabled Discretionary Trust enables you to appoint whom you wish to make financial decisions regarding the inheritance for your disabled beneficiary, without it affecting their benefits.
Long Term Care Issues
One in four women and one in six men may require some form of Long Term Care. Last year thousands of homes were sold to pay for long-term care. Not only will we help clarify your position, but we will also help you to plan ahead and show you how to protect your estate and assets from this frightening scenario.
Living Wills (Advance Decision)
A Living Will is a document designed to help clarify your position with regard to future treatment. In case you should become so ill or severely incapacitated that you are unable to express your wishes about the type of treatment you wish to receive or to refuse, you can express them in advance in this separate document. The document helps you to express your clear wishes in advance of the time when such difficult decisions may need to be made by your family and loved ones.
Here are 5 Tips to get the will you want.