What is a will, and why do I need one?
A will is a legal document that outlines how your assets will be distributed after your death. It ensures your wishes are followed and helps prevent disputes among beneficiaries.
A will is a legal document that outlines how your assets will be distributed after your death. It ensures your wishes are followed and helps prevent disputes among beneficiaries.
Choose someone trustworthy, organised, and reliable, as they will manage your estate, pay debts, and distribute assets. This could be a family member, friend, or professional such as a solicitor.
If you die without a will, your estate will be distributed according to the rules of intestacy, which may not reflect your wishes. This could result in unintended beneficiaries and potential family disputes.
Yes, you can change your will at any time by creating a new will or adding a codicil, which is a legal amendment to your existing will. Ensure any changes are properly witnessed and documented.
A will takes effect after your death, outlining asset distribution. A trust can manage assets during your lifetime and after death, offering potential tax benefits and avoiding probate.
Estate planning strategies such as setting up trusts, making gifts during your lifetime, and using your inheritance tax allowances can help reduce the amount of tax your estate pays.
Mirror wills are identical wills made by a couple, leaving assets to each other or the same beneficiaries.
To ensure your will is legally valid, it must be written, signed by you in the presence of two witnesses who also sign it, and made by you voluntarily with the mental capacity to make decisions.
A Lasting Power of Attorney (LPA) allows you to appoint someone to make decisions on your behalf if you become unable to do so. Including an LPA in your estate planning ensures your health, welfare, and financial affairs are managed according to your wishes.