Writing a will gives you the opportunity to decide who will inherit your assets when you die. A will also allows you to decide who will deal with the administration of your estate. When you come to make your will, you need to consider the following:-
Executors of your will
Who are you going to appoint as your executors? It must be people who are trustworthy and ideally, people who get along with one another. You can appoint people who will also be benefitting under the will (your beneficiaries).
Writing a will gives you an opportunity to appoint guardians for your minor children. Although a tough decision, it is worth taking the time to have the discussions with your family and friends and deciding what would happen in the devastating scenario of your child/children losing both parents.
Many people wish to leave specific items of sentimental value to family and friends under their will. This could be paintings, your wedding ring, watches and jewellery or musical instruments. If you think that there may be squabbling within the family about personal items, then you can also leave all of your chattels to your Trustees to distribute at their discretion and make sure that a letter of wishes is prepared and left with the will, outlining who gets what. This letter can change in the future without having to change the will itself.
Gifts to Charity
Many people choose to leave cash legacies to their favourite charities under their will. This may also have tax advantages to your estate, as gifts to charities are exempt from Inheritance Tax.
A trust is a legal arrangement whereby trustees hold assets on behalf of beneficiaries, keeping the control away from the beneficiaries themselves. Trust arrangements can be made during your lifetime and under your will. This might be useful if you want to protect family assets from young or incapable beneficiaries, or from the possible divorce of any of your beneficiaries. You may want to place your share of a property into a trust after your death, under a will trust, to ensure it is retained for the future, for your chosen beneficiaries.
How can Wake Smith help?
If you would like to speak to one of our experienced solicitors in Sheffield about Wills & Trusts, we will be happy to assist. Firstly we will arrange to meet with you to get a full picture of your personal circumstances, answer any questions that you may have and ensure you receive the very best advice, tailored to your particular needs.
Our fee rates are £180 plus VAT for a single straight forward will. £300 plus VAT for a mirror husband and wife will. If we are looking at trusts of inheritance tax planning you need to contact us to get a quote. If you would like quote please click here and fill in our will questionnaire.
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