Wills & trusts

Most people see making a will as something to leave until later in life, or they put it off assuming that it's an expensive process to go through. These days, there's no reason for writing a Will to be time consuming or costly, and one thing's for sure - your family will thank you for doing it.

What is a Will?

A Will is a document which comes into effect when you die in which you identify what you want done with your property after your death. In it you appoint individuals or a firm or a bank to be responsible for the administration of your estate in accordance with the terms of your Will.

The Will document therefore needs to give them all the powers they need to do this. It can minimise the effect of taxation, it can include express provisions about the disposal of your body and who you would want to be responsible for the guardianship of your minor children. In short, it enables the Will maker to state clearly the preferred destination of his or her assets.

Without a Will a set of statutory rules is imposed which effectively leave everything to your next of kin in a fixed order. For example, a spouse and children would share an estate exclusively if they survived you.

The spouse would be entitled to a fixed statutory legacy and the remainder would be left in two trust funds partly for the benefit of the spouse and partly for the benefit of the children. These fixed statutory rules do not provide for an unmarried partner, friends or charities you may have supported. In fact if you have no next of kin and do not leave a Will then the whole of your estate will go to the Crown.

These same statutory rules also require specific people to act as the administrators of your estate whether or not they have the necessary skills. This could prove to be traumatic if for example you have been married before and have adult children from your first marriage and are survived only by them and by children from your second marriage. All of them would be equally entitled to act as administrators in your estate. They may not even have met or communicated with one another. 

Save Up To £120,000 in Inheritance Tax.

A tax efficient Will and a Trust can save your Estate up to £120,000 in Inheritance Tax. The better you plan now, the less Inheritance Tax will be payable on your death. 

What are you going to leave and where is it going?

It's a simple question! But life is complicated.

Don't assume that your partner or your children will inherit your worldly goods on your death especially if you are living in an unmarried relationship or you or your partner have children from a previous relationship. They may not be equally entitled.

"Making a tax efficient will is just a sensible way of protecting your lifetime investment."

Experts in Wills & Trusts

We have expertise in all aspects of the process, from the preparation of wills to advice on provisions you may wish to make for the management of your estate, finances and assets.

You might also want to discuss trusts with us, to ensure financial responsibilities can be properly fulfilled, or to protect the inheritance of family members, during your lifetime and beyond.

Whatever your requirements, we'll work with you to make the best of your assets, planning carefully and intelligently so as to benefit your family as much as possible after your death. 

Call Michael Hasler on 01548 855005 or email: michael.hasler@beersllp.com  or; Michael Hembrough on 01548 855007 or email: michael.hembrough@beersllp.com