Wills
Why do I need to a Will?
Life events such as the purchase of a home or property facilitate the need to write or update your Will.
As the purchase of a property is one of if not the biggest purchase we ever made, it is important to make sure that this asset passes on to the people you choose when you’re no longer here.
Not having a Will in place means you have no real control over who benefits from your estate and it will pass in accordance to the laws of intestacy.
Choose who will deal with your estate.
To provide for a vulnerable beneficiary and to appoint people you trust to help manage trusts for them. This is particularly useful where there is a risk that someone will financially abuse a beneficiary who inherits or where someone may squander gifts.
To protect against sideways disinheritance. Ensuring that your assets are not lost to unintended beneficiaries.
Appointing Executors and Trustees. Giving power to people you trust to manage your estate when you have gone.
To protect unmarried partners. Without a Will, unmarried partners won’t benefit. Your Will enables you to make provision for them.
To disinherit someone. If you would like to ensure that specific people do not inherit from your estate, a Will is crucial. So is professional advice.
Appointing Guardians for minor children. Remember – legal guardians are appointed in your Will. God parents do not have an automatic right to become guardians.
To protect against unnecessary tax mitigate it.
To make specific gifts.
Make provision for care fee planning.
Funeral planning (in advance).
Writing Your Will
We will endeavour to be as flexible as possible when booking in an appointment and can host these over the phone, via video call or in the comfort of your home.
The appointment typically lasts between 1 and 2 hours and during the appointment we will take the time to understand your wishes, what might stand in the way of these wishes being carried out and will clearly explain our advice in relation to your estate.
We will also clearly explain any costs associated with our services.
You will be in a position to make an informed decision.
To protect your loved ones and to ensure that they inherit. Without a Will your estate will pass in accordance with the rules of intestacy.
Who should make a Will?
Anyone 18 or over should make a Will. It is not always a case of having ‘something to leave’. As you will have seen above, Wills are more than just being about material assets.
Do I need a Will if I don’t have anything valuable to leave?
This is one of the most common questions we get asked as SLS Wills and More. The short answer, as you can see from above, is yes. Your Will does so much more than leave material possessions. More than anything it’s about peace of mind and certainty. Certainty about where assets will go and peace of mind knowing that plans are in place.
Will my partner not just get everything?
No. Again, this is a common myth. Unmarried partners will not inherit at all unless named in a Will. A spouse will benefit under the laws of intestacy but what they get will be dictated by the size of the estate and whether there are any children etc.
How much does it cost to write a Will?
With SLS Wills and More, it’s less than you might think. Our prices start from only £300 for a single Will and £480 for mirror Wills.
Are you thinking of making or updating your Will?
If you’re ready to consider making your Will, we are happy to help but it all starts with a free no-obligation chat. If you are not quite ready and would like some more information about what an appointment looks like, click the button below
Some interesting Will facts
- You may not realise that a will can be used to assisting in protecting assets. A carefully planned will can also reduce the amount of Inheritance Tax your estate has to pay, or make your estate exempt from Inheritance Tax altogether.
- The forfeiture rule is a common law rule derived from public policy, which states that a person who is criminally responsible for the death of another person cannot inherit as a result of their criminal act. In other words – you cannot inherit a person’s estate if you are criminally responsible for their death.
- If you give at least 10% of your taxable estate to charity, the Inheritance Tax rate for the rest of your estate drops from 40% to 36%.
- Over 50% of UK adults don’t have a valid Will in place.
- Your Will doesn’t give people the power to look after your finances during your lifetime.
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