What is a Will?
A Will gives you peace of mind, knowing how all of your assets will be distributed and ensuring that loved ones are taken care of.
If you don’t make a Will, your estate will follow the rules of intestacy. An unmarried partner would be entitled to nothing and, if you have no direct relatives, all of your estate will go to the Crown.
A common misconception is that you don’t need a Will as you don’t have much to leave but, a Will isn’t just about who you leave your estate to. A Will also covers important things such as:
- Appointing executors who will manage and distribute your estate
- Appointing guardians to make sure your children are cared for (if both parents pass away, children could be put into the care system while the courts decide who is best to look after them)
- Provide for vulnerable dependents
- Minimise inheritance tax, meaning beneficiaries will receive more of your estate
- Make complex arrangements e.g. setting up trusts
Your Will can also be future proofed, to ensure it’s not voided if you get married and make sure children born after you’ve written it are still provided for.
A Will should be reviewed every 5 years or when your circumstances change, such as, divorce or marriage.
What types of Wills are there?
The two main types of Wills are single and mirror. A single Will is for one person and a Mirror is for a couple. You can also have more complex Wills, such as, setting up trusts so that funds can be distributed over time or creating a right to occupy so someone can continue to live in a property but not ultimately inherit it.
RFS also offer a Will storage service. This is great way to have an additional copy in case yours is misplaced.
Trusts
There are numerous types of trusts to cater for many situations. They can be used to provide for minors or vulnerable persons, with Trustees managing how the assets are distributed to beneficiaries over time. Trusts can also be useful way to reduce inheritance tax.
Lasting Power of Attorney
A Lasting Power of Attorney (LPA) gives someone the authority to act on your behalf. It’s a legal document that allows you to appoint someone you know and trust to make decisions for you.
It’s important to set these up early as, if you lose mental capacity, it’s too late and someone you don’t know or trust may appointed.
There are two types of LPA:
- Health and Welfare – You appoint an attorney who, when the time comes, can make decisions on your medical treatment, care needs and residence.
- Property and Financial Affairs – An attorney you appoint can make financial decisions for you, as well as, pay bills, manage your property and speak with your bank and other financial organisations..
We prepare the forms for you and guide you through the signing process. They are then submitted to the Office of the Public Guardian and we manage the process for you, keeping you informed throughout.
Why use an SWW Member
Members of The Society of Will Writers have undertaken intensive training and continue to train to keep their knowledge up to date. They are fully insured and adhere to the SWW Code of Practice.
You can find out more information on The Society of Will Writers on their website: www.willwriters.com.