Will Writing

Writing a Will can appear a daunting and emotional prospect. However, having a Will is essential in ensuring your loved ones are protected and provided for whatever may happen in the future. Sadly, we often see the effects that dying without a Will has on those left behind.

This is your opportunity to choose who you want to name as your executors, your beneficiaries, the guardians of your children. You can also decide what type of funeral you would like and whether you want any items of sentimental or monetary value to pass to certain people.

After looking after family and friends, please give a thought to your favourite charity when thinking about your Will. You may wish to make a charitable gift.

If you already have a Will in place, we recommend reviewing your Wills every 3 to 5 years or whenever your circumstances change, such as purchasing/selling a property, having children, becoming a grandparent, getting married or divorced.

We provide a Will writing service that ensures that your Will is tailored to your individual circumstances.

We offer a free initial consultation to take your instructions and assess your requirements.

Our Will writing costs are fixed and we will ensure total transparency.

Trusts

Trusts can be created within your lifetime or upon your death (within your Will). When creating a trust, you are passing the control of managing certain assets to your chosen trustees. They will manage these assets on behalf of your chosen beneficiaries. There are strict duties placed upon trustees to ensure that they carry out the terms of the trust correctly.

Trusts can be a useful tool to protect your assets from nursing home fees, inheritance tax, means tested benefits or potential residential care home fees. They can also be used if you don’t want certain assets to pass to an individual outright for e.g. if you have children from a previous relationship and you want to ensure that your children’s inheritance is protected.

One might consider creating a Life Interest Trust to allow someone to have the right to the income of an asset during their lifetime but, for the capital to pass to chosen beneficiaries after the Life Tenant’s death.

There is also a discretionary trust to consider. Under a discretionary trust, none of the chosen beneficiaries have an automatic entitlement to either the income or capital of the trust asset. Instead, it is at the trustee’s discretion how much of the income and capital to pay and to which named beneficiary.

You may consider setting up a trust for vulnerable persons. This includes trusts for minor beneficiaries, trusts for disabled beneficiaries and protective trusts.

It is understood that parents and family members may want to provide for the future financial security of those who are unable to manage their own affairs because they are minors or because of a physical or mental impairment. Setting up a trust is also a useful tool to protect their entitlement to any means tested benefits.

We can give advice on setting up or terminating a trust, we can draft the trust document for you and we can advise trustees about managing the trust whilst adhering to their many duties.

Inheritance Tax (IHT) Planning in Wills

If you are single and your total assets (property, car, savings etc.) are worth more than £325,000 or you are a married couple or civil partners and your combined total assets are worth more that £650,000, you should consider your potential inheritance tax liability and start to put plans in place to reduce your liability.

Our Wills and Probate team will discuss your inheritance tax position with you and provide advice with regards to your available allowances, exemptions and reliefs. We will write a Will on your behalf to ensure that you have made the most out of the exemptions and reliefs available to you.

Charitable Gifts

Whether it’s part of your tax planning or you have a close affinity with certain charities, we can help you leave a gift in your Will or during your lifetime to your chosen charities.

We work closely with a number of charities and actively support Remember A Charity In Your Will.

Your Will is personal to you and we aim to ensure that your wishes are reflected within your Will.

WHAT TO DO NEXT

If you would like to enquire about any of our Wills and Probate services, call us now on 0113 200 9787 or email us at enquiries@oakwoodsolicitors.co.uk.

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