HOW DO I MAKE A WILL?
There are many reasons for making a Will you may wish to make specific bequests, appoint guardians for your children, make charitable donations, minimise Inheritance Tax or set up a family Trust for your loved ones. It can also protect your assets from being used to pay for long term care costs.
Whatever your concern, making a Will can safeguard the future of those you care most about. It ensures that you continue to provide for your family even after you have gone… it might also prevent you from paying unnecessary Inheritance Taxes to the government.
The actual Will process is simple and easy when talking to professionals like Parks Wills & Estate Planning who will guide and advise you through the whole process.
Most people who have taken the opportunity to draft a professional Will say “it gave them peace of mind and a feeling of reassurance knowing they have done the right thing for their family”, and the knowledge that their assets will go to the people they care most about, whom they have chosen to benefit from their Estate.
There are many reasons for making a Will you may wish to make specific bequests, appoint guardians for your children, make charitable donations, minimise Inheritance Tax or set up a family Trust for your loved ones. It can also protect your assets from being used to pay for long term care costs.
Whatever your concern, making a Will can safeguard the future of those you care most about. It ensures that you continue to provide for your family even after you have gone… it might also prevent you from paying unnecessary Inheritance Taxes to the government.
Lasting Power of Attorney is an important legal document. The Mental Capacity Act 2005 came into effect from October 2007, with the Lasting Power of Attorney replacing the old Enduring Power of Attorney.
Lasting Power of Attorney allows you to take control of your circumstances before it is too late to nominate a trusted individual to help make decisions for you in the event you have been rendered unable to do so, for example, in the case of a degenerative disease, an accident or a stroke giving you the power to legally entitle them to make decisions for you.
Dealing with someone’s affairs when they die can be complicated and confusing, especially at a difficult and emotional time. We can help support you and provide direction to administer your friend or loved ones estate.
Whether you need some advice on what steps you need to take in order to deal with the estate of a loved one or you are looking for someone to carry out services on your behalf, whatever your circumstances we have the right answers and solutions for you. At a time of loss, financial matters are very sensitive be reassured that Parks Wills offer Fixed Fee Probate Services. This means you will agree the cost upfront and there will be no hidden surprises.
Many couples believe they own 50% of their property each, and so upon death wish to leave their half to their partner their children or other chosen beneficiaries. In fact, the majority of homes are actually owned as ‘Joint Tenants’, which effectively means each spouse/partner owns 100%.
So when one spouse/ partner dies the surviving spouse/partner automatically becomes the sole owner. This may be okay as you wanted your spouse /partner to inherit, but if you wanted your children from a previous relationship to inherit this will leave you no choices to whom you would like to leave your share to in your Will, as your spouse/partner will automatically inherit the whole of the property.
WHAT HAPPENS IF I DON'T HAVE A WILL?
If you die without a Will, certain rules called “Intestacy Rules” will determine how your estate is distributed (for the Rules of Intestacy please click here). This allocation may not be how you would have intended your money and possessions to be disseminated; in effect the Government writes your Will for you.
• Disputes between relatives when there is no Will in place can cause arguments amongst family members and may even need a solicitor to resolve them.
• Contrary to what most people think, under Intestacy Rules your spouse will not automatically inherit all of your estate when you die.
• If you are unmarried partners or co-habiting your lifetime partner could end up with nothing this could mean serious financial problems for the remaining partner left and a claim may need to be made to the courts under the Provisions for (Family and Dependants) Act 1975 for financial assistance.
• When there is no Will, your loved ones will have to apply for a Grant of Representation for the power to deal with your estate. This takes a lot longer than the simple process of ‘Applying for Probate’ – which is what happens when you have written a Will.
• Your loved ones will have to pay your funeral expenses and pay any Inheritance tax due before they’ve gained access to your Estate/money (and interest is charged on late payments). This may leave them in significant financial hardship.
• You forfeit the right to protect your estate for the benefit of your children the alternative is your estate erodes away in care fees if you or your spouse requires long-term care.
• If your spouse or partner re-marries after your death, your children could be dis-inherited and receive nothing from your estate.
• If you have young children and have not appointed “Guardians” in your Will who you would wish to look after them the courts will decide for you.
Contact us now to arrange a free, no obligation consultation 01507 609684 or alternatively 07506 312073.