Frequently Asked Questions
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A will is a legally binding document where you state your instructions for how your estate should be distributed when you pass away. They may also be used to appoint guardians to take care of your minor children, and executors to manage your estate on death.
As long as you have testamentary capacity you are free to change or revoke your will as you please. We recommend that you review your will every 3-5 years or on certain life events such as marriage, divorce, birth of children, death of any beneficiary, or if your financial situation changes.
These are the people you trust and choose to administer your estate after you’ve gone. We can act as your executor and help your loved ones administer the estate.
It should be stored somewhere safe where your loved ones will be able to find it when you’ve gone. For more information, check our storage solution.
An LPA is a Lasting Power of Attorney. It’s a legal document in which you appoint people you trust to make decisions for you in the event that you cannot make them for yourself. This is a document which is used during your lifetime.
A trust is essentially a safety deposit box in which you can put your assets to protect them for designated beneficiaries.
No. This will invalidate any gifts in their Will to the Witness. Their spouse cannot be a witness either.
After probate, yes. Your Will becomes a public document. This is how we know what William Shakespeare put in his Will.
Yes. Again this is becoming prevalent within estate planning and contentious practitioners will never be without work. It’s important to get professional advice to ensure that your estate is protected and your wishes carried out.
This is a contentious area of law. It’s important to note that you can plan for care fees and you may be able to protect all or part of your Estate by using a Trust in your Will but It is a specialised area and is vital you get professional Will Writing advice to ensure it is appropriate for your circumstances.
The rich get (and stay) rich because they surround themselves with people with knowledge. The same goes when it comes to protecting your wealth and a popular way to protect your wealth is through tax mitigation and professional advice. We can help you protect, preserve and pass on your wealth through effective estate planning.
Inheritance Tax is known as a ‘voluntary tax’ as there are things you can do in lifetime to reduce how much tax you will pay, and also planning you can put in place in your will to make sure you make the most out of all available reliefs.
Every individual has a nil rate band of £325,000 (2024/2025). This is the amount they can gift on death without any inheritance tax becoming payable.
On top of this there is also a residence nil rate band of £175,000 (2024/2025) that can be used against your property if it is being gifted to your children or remoter descendants such as grandchildren.
Both allowances are also transferable between spouses. Your Will Writer will be able to advise you in detail about the tax your estate is likely to pay and what you can do to mitigate this. (from the Society of Will Writers).
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