What is a will?
In its simplest form, a will is a legal document which allows you to decide what will happen to your estate, (your money, property and assets) in the event of your death.
Why do I need a will?
Making a will not only helps provide for your family’s future but allows you to specify exactly where you want your money and possessions to go.
If you have children under 18, a will can incorporate financial arrangements and deal with the appointment of guardians, trusts and so on.
Making a will may also allow you to minimise the tax payable on your death, which is often essential for those who own property.
How much does it cost to make a will?
The cost of making a will is slight in comparison to the benefits and savings you and your family can make and in many cases we can offer a fixed fee.
Does my will last forever?
Technically, yes; once your will is in place it’s there for life. However, we strongly advise our clients to review it every few years to incorporate major changes in your circumstances, such as buying a new property, separating from you partner, and entering a new marriage or civil partnership.
What do I need to do when a member of my family passes away?
This is a very difficult time and it may suddenly seem that there is a mountain of urgent tasks that need your attention.
The first thing you need to do it to register the death and notify the deceased’s solicitor. The will may contain special directions regarding the funeral and burial or cremation.
At this stage, however, the undertaker is the person on whom you will probably rely most heavily, and he can, if you wish, organise nearly everything for you from the funeral itself right down to the smallest detail such as flowers. He is there to help and often it is easier to employ him to complete all the necessary tasks such as filling in the various forms relating to either cremation or burial, and putting notices in newspapers, if required.
You should contact us, as your solicitors, as quickly as you can as the sooner you instruct us the sooner we can start the administration process and advise you about how to proceed.
What is a trust?
A trust is a legal arrangement that allows a person to leave their assets in the care of one or more people. Those people then manage those assets for the benefit of the people or organisations that you support, i.e. your beneficiaries.
Are there different types of trust?
Essentially there are five types of modern trust, which are:
- Discretionary Trust
- Accumulation and Maintenance Trust
- Life-interest Trust
- Protected Trust
- Bare Trust
You can find more information on each type of trust please see our resources section.
What is probate?
If you are named as the executor of someone’s will, you need a ‘Grant of Probate’ to give you authority to deal with their affairs.
What does lasting power of attorney mean?
A ‘Lasting Power of Attorney’ is a legal document that lets you appoint someone, often a relative or close friend, to make decisions on your behalf.
When would I need a lasting power of attorney?
If you are unable to look after your own affairs for any reason, through old age, an accident or illness, you need a lasting power of attorney so that your family and/or friends can step in and manage your welfare and you r legal and financial affairs. Without a lasting power of attorney, a Deputy would have to be appointed by the Court of Protection. This is an expensive and lengthy process.
Do you have more questions?
Please contact Wajid Darr on 0117 971 6765 or email firstname.lastname@example.org and we will be happy to arrange an free initial consultation to help answer your questions.