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.
Please click on any of the links below to see our client’s testimonials.
"Suzanne Porter and Rachel Baseley have advised many of our employees on such delicate matters either at Wake Smith’s offices, Swann-Morton’s premises or in individuals’ homes, and have always been compassionate, understanding and patient in gaining an understanding of their requirements and wishes whilst delivering a solution in a professional manner. Their reaction has been very timely when required, which has helped to reassure the individuals and their families. We look forward to a continuing long-term and professional relationship not only with the Wills and Probate team but with Wake Smith as a whole."
Mike Hirst - Swann-Morton
"Breda Cashell did a first class job in handling our late mothers estate, keeping us well informed throughout this sad time of ours. Nothing was too much trouble, she was very professional from the outset to completion. She answered all our questions at our first meeting, and subsequent meetings. Breda is a very caring lady, and our family would recommend her and your services as an excellent company to work with. Thanks for a brilliant service."
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Joanne and Michael Duffin
"I have been dealing with Wake Smith Solicitors for many years now and my main contact with the company is Mr. Shaun Talbot. Shaun has been quite an inspiration to me, he has always been so kind to me, yet very professional with his advice in helping me through the most difficult times. His knowledge is outstanding. He has always treated me with the utmost respect and I always feel very comfortable when visiting the Offices in so much as I feel I can discuss anything with him. For this I thank him most sincerely. I would also like to thank Reception and Shaun's secretary who again have always been very courteous and helpful when I have had to telephone or call at the office. I would not hesitate at all to recommend Wake Smith Solicitors to anyone."
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