The Society for Trust & Estate Practitioners (STEP) reports that on 7 February 2019, a House of Commons Delegated Legislation Committee voted for the draft Non-Contentious Probate (Fees) Order 2018 to be progressed to the Commons for a…
Making a Will ensures that your property and possessions are dealt with in an efficient way and in accordance with your wishes on your death.
Furthermore, if you have minor children, you can also specify who you would like to be the guardians of your children on your death.
Whatever your circumstances, it is important to seek professional advice to ensure that your Will is accurately drafted and suitable for your needs. If you have complex family circumstances or business interests, it is particularly important to ensure that your Will deals with such complexities and that any available reliefs on your death are utilised. Ensuring your Will is structured properly will help to give you peace of mind that everything will be dealt with smoothly on your death.
There are various different structures of Wills that can be considered, and we can advise you on the most suitable for your circumstances.
Some examples of possible Will structures are:
- Single straightforward Will – designed for one individual with no complicated circumstances who does not require tax or trust advice.
- Mirrored straightforward Wills – designed for couples who have common objectives and circumstances which do not require tax or trust advice.
- Bespoke Wills – Wills containing trusts can help to protect your assets, which is particularly useful if you are worried about how your chosen beneficiaries may use such assets, or if you have any concerns about remarriage or potential future divorce proceedings of your beneficiaries. They are able to cater for complex family arrangements and can be a useful tool for succession planning. They may also be useful for capturing inheritance tax reliefs and allowances.
Even if you already have a Will in place, it is important to keep this under regular review to ensure that your Will still works following any changes in the law or changes to your circumstances.