Why Make A Will?
If you die without leaving a valid Will (intestate) you cannot guarantee that your property and belongings will be distributed as you would like.
It is a common misconception that the surviving spouse inherits everything. This is not always the case and the results can be quite startling.
For instance, if a man leaves a wife and one child. The wife receives only £125,000.00 plus a life interest (i.e. the right to receive the interest) on half the remainder. The laws of intestacy cannot only be harsh to your relatives they also take no account of:
- Partners (except in a recognised civil partnership).
- “Common law” wife/husband
- Stepchildren.
Without a Will the entirety of your estate could pass to your partner’s family just because of the order in which you die.
In extreme circumstances a Partner or Spouse can find themselves homeless because property is sold to provide for others.
By instructing Freers to draft your Will you can decide:
- Who receives your possessions and belongings including your most personal items or jewellery.
- Whether or not you wish to be cremated or buried.
- Who will deal with matters on your behalf (i.e. the Executors).
- Whether you want to appoint a guardian for your infant children.
- Whether you want a vulnerable relative to continue to live in your house after your death.
- Whether you wish to give money to a charity.
By instructing Freers to prepare your Will you can also avoid the common errors that often invalidate home made wills.
Inheritance Tax Planning
Don’t leave your loved ones with an unnecessarily large tax bill. Make sure that they inherit as much of your estate as possible instead of giving too much of it to the taxman.
A joint estate in excess of £285,000.00 (which can include your home) has a potential inheritance tax liability.
A Joint estate of £570,000.00 could produce a tax bill of £114,000.00. All of this could be saved in most cases by using a Nil Rate Band Discretionary Trust.
Freers can help you set up and administer such a trust and plan your estate to minimise tax liability.
When To Make A Will
Everyone should have a Will and keep it regularly updated. However there are common circumstances when it becomes important to make or change an existing will, such as when you:
- Get Married or move in with a long term partner
- Get Divorced or split with a long term partner
- Have Children
- Receive a large sum of money
If any of these events have happened to you recently we recommend you contact our Wills & Probate Department today and make an appointment to draft a Will.
Other Services
Freers are also willing to be named as Executors to a Will if you wish to save your loved ones the from having to administer your Estate.
We can advise and represent those Executors and Personal Representatives seeking probate or Letters of Administration.
We advise and take instructions on Living Wills and Powers Of Attorney.
Our Estate Agency Department can handle the sale of property if there is a home to be sold.
