There are several ways to complete your will, including doing it yourself and using a will writing service. For simple wills, these are reasonably effective, although proper thought should be given to whether you have all the information you need. However, if you have a complex family situation, run your own business, or have property, particularly property abroad, then the services of will solicitors become essential.
What is the purpose of hiring a wills solicitor?
The cost of writing your will depends on the complexity of your affairs, so it is important that you are clear about this during your first meeting with your chosen will writing solicitor. You should check whether any quote you are given includes VAT and approach several Will writing solicitors to get the best possible price for your needs.
One of the main reasons to consider using a solicitor is that they are able to provide information, guidance and support on a range of financial issues. This includes overseas assets such as holiday homes, your business if it is expected to form part of your estate, inheritance tax and different family situations and possibly whether you have a lasting power of attorney already in place. This can save you from a great deal of heartache and stress further down the line if family members choose to dispute your provisions while you are still alive. It also supports those named in the will should anyone question your wishes after you have gone.
You will be able to save yourself some money, and time, if you go to a solicitor with a good idea of what you want to do with your money and assets. If you know who you want to leave everything to, then the will solicitors have a base from which to work.
Another reason to use local solicitors for making a will is that they are regulated. If you experience any difficulties with the solicitor, you have a complaints procedure to fall back on and legal rights, should they be needed. A solicitor also has a lot more experience of writing wills than you do, which means there is much less likelihood of there being mistakes in the completed will. Something as simple as forgetting to get your will witnessed could mean it is invalid and could cause a lot of trouble for your intended beneficiaries.
When your will is completed by a solicitor, it is usually then also stored safely with that solicitor. This reduces the risk of it being accidently destroyed, or lost over time. While using a solicitor for will making is the preferable course of action, it is important that you choose the right one for your individual needs. A wills & estate planning solicitor should be able to explain all your options to you and do so in a way that makes them easy to understand. They should be able to give confidential advice that puts your best interests first. Finally, they should create a will that meets with your instructions.
Choosing between the many good will solicitors doesn’t have to be difficult. Start by asking friends and family for recommendations. Check the websites of those you are considering and look carefully at the experiences of previous clients. While the cost is going to play a part in your decision, don’t let it be the main reason for your decision.
5 reasons why you should make a will
- A will provides clear instructions about how your estate (everything you legally own) is going to be passed on. Without a will, the state decides who gets what instead.
- You get to choose your own executor – someone named in your will who is legally responsible for taking care of your financial obligations such as bills and taxes.
- If you have young children, a will allows you to nominate a guardian to look after them until they turn 18.
- A will allows you to leave specific assets to individuals outside of your immediate family as well as to charitable organisations as a legacy donation.
- By having a will in place, you can mitigate against Inheritance tax and protect against costly care home fees.
The types of wills MJR Solicitors can provide
At MJR Solicitors, we understand that making a will is important in order to avoid financial worry for your loved ones when you pass. We also understand that it’s not an easy thing to think about. That’s why we take the time to discuss the details with you in a way that avoids legal jargon, and instead puts the focus on your needs.
We will meet you in your home at your convenience at no extra cost for weekend or evening appointments. We will listen, note your wishes and draw up a will that is best suited to your requirements.
The types of wills that we can provide are:
- Single Will – The simple, straight forward option for those who wish to nominate a single beneficiary and remain tax efficient.
- Mirror Will – Two separate wills that are either completely or mostly identical. These are designed for couples who have similar or the same interests. However, any of the two individuals can make changes to their wills without the other’s knowledge.
- Trust Wills – There are a few different types of Trust Wills, including Discretionary Trust, Property Trust, Life Interest Trust and Flexible Trust. They are called Trust wills because they are assigned a trustee, who is then responsible for distributing your estate assets to those you have chosen as beneficiaries. This is the optimum choice if you want to be protected against third-party claims on your estate.
Choosing a Life Interest Trust Will to provide for your family
More and more people are opting for a Life Interest Trust will because it ensures that when you are gone, your home and any other property you own is taken care of by who you wish it to be.
If choosing to arrange a Life Interest Trust in your will, you must select a “life tenant” who will have the right to occupy the property or receive income through renting it out.
The Benefits of a Life Interest Trust
- You can protect everything in your sole name at death for your children – even if your spouse remarries after your death or you have children from previous relationships.
- Any capital from your assets will go to your children upon the death of your surviving spouse.
- Your property is protected from financial assessment – meaning that the impact of residential care home fees will be significantly decreased.
- You can be completely sure of who will benefit from your property and other assets upon your death.
- If you nominate your spouse as your property’s “life tenant”, there will be no inheritance tax due.
Arrange a Life Interest Trust Will with MJR Solicitors
Whether you have an existing will, or are yet to get started with arranging your affairs, we can help. Here at MJR Solicitors, we believe in taking a personal approach, sitting down with you to discuss the right solution for your will. We can explain the benefits of a Life Interest Trust Will and the lasting positive impact it will have for your loved ones when you are gone.
One in three people die without leaving a will so their estate is distributed how the state see fit. To avoid this situation, and to care for your nearest and dearest, get in touch today by calling 01243 945054.
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