Wills & Trusts
Why do I need a will?
It goes without saying that when you die there is little you can do to ensure that your property, money, pets and even children are cared for in the way that you wanted.
By making a valid will, you set out what you would like to happen when you die.
Additionally, a well-drafted will can also help protect your interests and can prevent having to pay Inheritance Tax and leaving lifetime savings, property and belongings to the Inland Revenue.
What happens if I don't have a will?
If you do not make a Will, then the law (under the Rules of Intestacy) decides how your possessions and finances are distributed. This may mean that people who you wanted to leave a gift to miss out and others who you didn't want to receive anything, end up unjustly enriched.
This can be particularly complicated in extended families, those with step-children, unmarried couples and those who have estranged family members.
Making a valid will can also protect against unnecessary challenges to your will and the distribution of your estate once you have died.
Do I need to update/change my will?
It is recommended to update your will every 5 years or so, or after significant events in your life such as marriages, deaths etc.
Depending on what needs changing, you may not need to have a completely new will drafted but we can add codicils to an existing will to reflect minor changes.
Why would I need a trust?
Setting up a Discretionary Trust in your will can be a useful way of protecting your assets. By creating this type of Trust, your assets will be given to your Trustees to look after on your behalf. There are a number of reasons why this may be the right option for you and should be considered when making any decision in relation to your assets/estate.
Trusts in Estate Planning
A trust allows you to transfer/gift a proportion of your assets without completely losing control of them by placing them with a third party (the Trustees). The Trustees are then entrusted to look after those assets on your behalf and on behalf of any other Beneficiaries.
Using Trusts in Estate Planning can reduce your eligibility to pay Inheritance Tax. Essentially by transferring assets into a trust, you reduce the value of your estate.
Micaila assist with advising and drafting on all manner of Trusts including the ever popular Property Settlement Trust which is designed to ring fence your property from Inheritance Tax Claims and/or Residential Care Fee Claims.