For a more detailed discussion of your requirements, free of charge and without any obligation, please contact
Karen Gundel on 01623 460444 or by e-mail firstname.lastname@example.org
Everyone should make one to ensure that those closest to them to receive exactly what you wish them to receive and should then review it every 5 or 10 years to make sure it does not need alteration, as your circumstances may change and so do the tax laws.
A straightforward Will is not as expensive as some imagine and it provides you with the piece of mind that comes from having your affairs covered in a valid legal document. If you make your own Will mistakes could easily happen, which can lead to serious problems and financial losses for those to whom you intend to benefit from your estate.
A straightforward Will can cost as little as £150 + vat or £210 + vat for a couple (though complicated Wills may be more expensive). We are also happy to arrange home visits for those clients who are unable to attend the office.
If you would like to talk to someone about making a Will, please contact Karen Gundel at our Mansfield office on 01623 460444.
Appointing guardians for your children in your will.
If you pass away and the other parent of your children survives, the surviving parent will normally continue to have full responsibility for the children. However, if neither parent survives then the guardians you have appointed will take on the responsibility for your children. If you fail to appoint guardians in your Will, the courts will appoint them for you, but they will not necessarily choose the people that you would have preferred to take care of your children.
By appointing guardians you can ensure that your children are looked after by the people that you have chosen as the best people for the job.
A trust is a legal arrangement where one or more ‘trustees’ are made legally responsible for holding assets. The assets – such as land, money, buildings, shares or even antiques – are placed in trust for the benefit of one or more ‘beneficiaries’.
The trustees are responsible for managing the trust and carrying out the wishes of the person who has put the assets in trust (the settlor). The settlors wishes for the trust are usually written in their Will or set out in a legal document called a ‘trust deed’.
Trusts may be set up for a number of reasons, for example:
- to control and protect family assets
- when someone is too young to handle their affairs
- when someone can not handle their affairs as they are incapacitated
- to pass on money or assets when you die under the terms of your will – known as a ‘will trust’
A discretionary trust may be put in place if you have identified a group of people you wish to benefit but are unsure what their circumstances may be in the future i.e. who will require a greater share of the trust than the others.
If you would like to talk to someone about the process and benefits of preparing a Trust, please contact Karen at our Mansfield office on 01623 460444.
With careful planning, parts of your estate can be given directly to your heirs now, rather than waiting until you pass away. Providing you survive for seven years after you cease benefitting from the gift, the gift is then not included when the tax office calculates whether your estate exceeds the tax threshold and is subject to inheritance tax.
When making such a lifetime gifts it is important that you are confident that you will never again require use of the asset that you are giving away. It is not possible to give an asset away and for you to then retain the use of that asset. The law requires that to take the asset out of your estate for tax purposes you must permanently deprive yourself of the benefit of that asset.
Helping Your Executors
Download our PDF here – Helping Your Executors