Making a Will
Making a Will is a straight-forward and inexpensive exercise. It is also one of the kindest things you can do. So that when your family are coming to terms with your passing, they know that they are making the plans and arrangements in the way you wanted them to be made.
Making a Will gives you peace of mind that your loved ones will be looked after whatever the future brings. When someone dies without a Will their estate (everything they own) may not be shared how they would have wished. Our caring, friendly lawyers in Surrey offer advice about Wills, probate, and Lasting Powers of Attorney. We are here to answer your questions and offer the guidance and support you need.
It’s a disappointing statistic that about 60% of people in the country die without a Will. This is known as dying intestate and means that the state decides what happen to your money and assets. The problem is that the decisions that are taken might not have been those you would have chosen. To compound the situation, without a Will you are open to the possibility of paying inheritance tax which even for people on modest incomes or pensions is a possibility because of house price inflation in Surrey and the southeast.
A lot of the time people don’t make a Will because they would rather not face up to the inevitable, and to a point that is understandable. At Blossom Law Solicitors, the process of making a Will can be made to be quick and easy. In many cases, we can provide a Will for a fixed fee and once it’s completed, you need not think about it again for many years.
Types of Wills
There are a few types of Will. A specialist solicitor at Blossom Law can advise you which sort of Will is best for you and your family.
Single Will
A Single Will is suitable for those who are not in a relationship and would like to set out how they want their estate to be shared. A Single Will can also be the best choice for those who are married or in a civil partnership.
If you are married or in a civil partnership and your partner already has a Will or your wishes are different to theirs, a Single Will may be the right choice for you.
If you have children from a previous relationship, you will probably need a Single Will to safeguard their inheritance.
Mirror Will
A Mirror Will is for two people who have the same wishes. With a Mirror Will, when one partner dies the surviving partner inherits the whole estate. After both partners have died their children inherit everything.
This type of Will needs careful consideration because there are many pitfalls to be aware of. Our solicitors can advise you.
For example, one partner can change a Mirror Will at any time without the consent of the other. Also, when one partner dies, the other partner might decide to change the Will, especially if they remarry, which could mean the deceased partner’s original beneficiaries do not inherit.
Will Trust
A Will Trust is a way to protect and maximise assets for your loved ones. Assets are looked after by people you trust (trustees) on behalf of those you would like to inherit (your beneficiaries). There are different ways to set up Will Trusts depending on what you want to achieve.
By setting up a trust as part of your Will you could:
- Protect your property against care home fees. For example, you can ring-fence part of your property, so it passes to your children after you have died rather than being sold to fund your partner’s care home fees.
- Reduce Inheritance Tax (IHT) for the beneficiaries of your Will.
- Ensure children from any previous relationship inherit all your property and assets after your partner dies.
- Leave money for young children to inherit when they are older.
- Provide for those who cannot manage their own finances, for instance people with learning disabilities or those with mental health issues.
- Protect assets from bankruptcy proceedings or creditors
If you would like to discuss what type of will suits you best and the process involved, please contact us today.
