Wills & Probate
Your last Will and Testament is a powerful legal document. It should be correctly drafted to ensure your estate is distributed according to your wishes and any liability to IHT is minimised.
If you die without having written a Will, your possessions may not be distributed as you would have wished. They will be distributed according to the law of intestacy.
Wills should be reviewed regularly to ensure they still meet your wishes as your family circumstances change and as the value of your estate goes up (or possibly down). In particular, Wills should be reviewed whenever a significant ‘life event’ occurs such as:
- Marriage
- Separation and divorce
- Birth of child or grandchild
- Death of child or grandchild
- Death of spouse
- Death of parent
- Retirement
- Redundancy
- Change in employment status
- Diagnosis of serious illness
- Involvement in a serious accident
- The sale or purchase of significant assets such as a holiday home
Careful Will planning is essential for everybody. A well-drafted Will can ensure that the wealth you have built up during your lifetime benefits the right people on your death – and it can also be structured to save tax. A discretionary Will trust could allow your executors to transfer some of your estate to your children (making use of your nil-rate band).
We can refer you to a Solicitor who is expert in this field. Contact Devshi on 0161 833 9692 for more details.
