Find 6 Stages of Making a Power of Attorney Initial Stage The first step is to contact Fishers to arrange a meeting to discuss your requirements. We will send you confirmation of the appointment. First Meeting When you attend an...
Will Writing Solicitors in Tamworth
Ensure your money and property goes to the people you care about most. Making a Will is the only way to make sure your wishes are respected after you pass away.
Our Will writing solicitors can help you create a clear legally binding document which sets out exactly how you want your assets distributed. We will also provide advice on boosting the tax efficiency of your estate so your loved ones can inherit as much as possible.
What happens if I do not leave a Will?
If you pass away without leaving a Will it is called “dying intestate” and your estate will be dealt with under the Rules of Intestacy. Someone – usually your next of kin – will be required to apply to the Probate Registry for Letters of Administration for permission to deal with your estate on your behalf.
These Rules govern who can inherit your money and property. If you are married or in a civil partnership, they will inherit most of your estate. If you have any children, they will also inherit. Unmarried partners cannot inherit under the Rules of Intestacy so it is extremely important to make a Will to prevent them being left with nothing.
If you have no spouse, civil partner or children, there is a hierarchy of other relatives who will inherit from your estate. This includes your parents, siblings, aunts, uncles, nieces and nephews.
Why make a Will?
There are many reasons to make a Will, not least that it gives you full control over who to leave your money and property to. The Rules of Intestacy are rigid and likely to not correspond with your wishes. Other reasons to make a Will include:
Appoint executors you trust
Someone must deal with your estate on your behalf after you die. This includes applying for a Grant of Probate, valuing your estate, selling your property (if necessary), paying off your debts, paying Inheritance Tax, and distributing the beneficiaries’ inheritance. This task is a lot of responsibility so it is important to appoint someone you trust.
Appoint guardians for your children
If you have children under the age of 18, you should appoint someone you trust to be their guardian in case you and their other parent unfortunately die before they reach adulthood. If you do not appoint a guardian, the family court will have sole responsibility of deciding who will look after them, and they may choose someone you would not have chosen yourself.
Minimise Inheritance Tax
Your tax-free allowance is £325,000, so if you own property and/or pensions (or simply have valuable savings and investments), there is a good chance you will be liable for Inheritance Tax.
Inheritance Tax takes 40% of your estate after the tax-free threshold. However, there are many exemptions and reliefs we can help you take advantage of to reduce your liability as much as possible.
Set up trusts
Trusts can help you reduce Inheritance Tax, preserve assets and control how your assets can be used after you die. For example, trusts can be used for:
- Setting aside money for children until they turn 18
- Setting aside money for vulnerable adults
- Placing conditions on inheritance, for example, if you fear a beneficiary will squander their share
- Setting aside money for specific purposes such as to pay for your children’s or grandchildren’s education
- Preserving the family home for future generations
Provide for unmarried partners
The Rules of Intestacy do not allow unmarried partners to inherit – only married spouses and civil partners. To provide for unmarried partners, you must make a Will.
Prevent family disputes
Unfortunately, inheritance matters can cause nasty disputes within families where there is uncertainty over the deceased’s wishes, sometimes resulting in lengthy and extremely expensive court litigation. By making a Will and keeping it up to date, you are providing your loved ones with clarity over your wishes, reducing the risk of dispute.
Why choose our Will solicitors in Tamworth?
Fishers Solicitors have a strong reputation in the Midlands for our practical expertise and dedication to achieving positive outcomes for our clients. We are Lexcel Accredited by the Law Society for our excellent client care and legal practice management.
Within our talented team, Guy Birtwistle (our head of Wills, Tax, Trusts and Probate Department), John Gillions (consultant solicitor and Chartered Tax Advisor) and Hannah Howe who are all members of STEP (the Society of Trust and Estate Practitioners).
Guy is also a member of Solicitors for the Elderly (SFE) with specialist expertise providing sensitive advice to older and more vulnerable clients.