It is surprising how many people do not have a valid will.
A will does not just dispose of your assets on your death. It also gives you the opportunity to choose who will act as an Executor for you on your death, ensuring that your last wishes are carried out.
It enables you to appoint Guardians to look after your young children if both you and the other parent have died. This can avoid arguments between surviving family members who wish to look after your children, if your will has clearly set out your wishes.
Your will can ensure that your spouse is adequately provided for and not left to the mercy of the Intestacy rules where your spouse will not necessarily inherit everything you own.
If you and your partner are not married then it is essential that you have a will if you wish your partner to receive anything from your estate as under the Intestacy rules they will not be entitled to benefit and will have to make an application to Court to be considered as a beneficiary. This is very expensive, time consuming and stressful for your loved ones who are left behind. It gives you the opportunity for Inheritance tax planning if your assets exceed the Inheritance Tax threshold, so reducing the amount of Inheritance Tax your estate has to pay on your death.
You can set out any particular wishes that you may have concerning the disposal of your body, such as leaving it for medical research or organ donation. Your will should be prepared by a solicitor who specialises in this area and is a member of Solicitors for the Elderly or the Society of Trusts and Estates Practitioners to ensure it is properly drawn up. Our wills and probate solicitors serve clients in London, St Albans, Cheshunt, Leeds, Sheffield, Liverpool, Bradford, Hull and Manchester and surrounding areas.
Power of Attorney Lawyers England & Wales
Our clients also seek advice on Lasting Powers of Attorney. This document allows you to choose someone that you trust to manage your financial affairs in the event that you lose mental capacity in the future. You can also appoint an Attorney to make decisions concerning your Health and Welfare if you no longer have the mental capacity to make such decisions and this can include a decision whether you should receive life sustaining treatment where you have been diagnosed with a terminal illness for example.
A large part of our work is dealing with the Administration of Estates once someone has died. We can offer a full service dealing with the whole of the administration of the estate including obtaining valuations, completing the Inland Revenue accounts and obtaining the Grant of Probate and distributing the estate. Some clients choose to do some of the “legwork” themselves and then instruct us to prepare all of the paperwork on their behalf. Find out more about our probate fees here.
Contact our Wills & Probate Lawyers in London, & Nottingham