WHAT TYPE OF WILL DO I NEED?
If you’re asking “what type of Will do I need” then this page should help you out. Unfortunately, there is not a one size fits all Will solution, everyone’s situation is unique to them and your Will should be written to reflect this.
We can provide help with Wills, Trusts, Long Term Care Planning, Lasting Powers of Attorney, Estate Planning and Funeral Plans.
Let us go into a little more detail on each one to help you decide which is going to fit your situation best.
A single Will is designed to state who will administer your estate, be guardian(s) to your child or children, administer any Trust, state specific requests or gifts and outline any wishes you have for after your death.
A mirror Will is for couples with similar intentions or desires and states who will administer the estate, be guardian(s) to any child or children, administer a trust, state specific requests or gifts and outline any wishes either of you may have after your death.
An Expression Of Wishes is an addendum to your Will which states your wishes pertaining to your pensions and any additional chattels. It is an important part of your Will to make sure your pension is passed on correctly.
We offer a professional and bespoke service. You’ll be assigned your own qualified Will Writer to handle everything you need from start to finish. You will be provided with a direct phone number and contact eMail address so your Will Writer is always on hand for any questions you may have.
A Trust is a simple arrangement that ensures that any assets you leave to loved ones are looked after on your behalf once you are no longer here to look after them. A Trust would be created by you (The Settlor). You then entrust your assets to the Trustee or Trustee’s (responsible people of your choosing) for the benefit the Beneficiaries of your Will.
It’s a common misconception that the Trustees and the Beneficiaries cannot be the same person or people; they can!
There are a number of Trusts which cover the different scenarios people have. Trusts can be used to safeguard property in the event of care costs, have beneficial Inheritance Tax implications or ensure children receive the relevant inheritance at the right times. Your Will Writer will be more than happy to discuss this with you and establish which Trust is most suited to you and why.
Lasting Power of Attorney (LPA)
A Lasting Power of Attorney (LPA) is a way of giving someone you trust the legal authority to make decisions on your behalf if there comes a time when you lack the mental capacity to make them yourself or no longer wish to do so.
There are two types of Lasting Power of Attorney:
For financial decisions
For health and care decisions
If you don’t have a LPA in place and you become unable to make decisions for yourself your loved ones will have to go through a lengthy legal process to gain lawful entitlement to act on your behalf. In situations like this, it is the court who decides who has the entitlement to make any life changing decisions.
Long Term Care Planning
As we all live longer we should be thinking about making provisions for our golden years. This includes considering what will happen to us if we need long term care. Here at The Will Guys we can discuss this with you and can establish what problems you may come up against and how to plan for them.
Everything that you own is included in your ‘Estate’. This includes any property, investments, insurance policies, pension schemes and personal effects from cars and watches to pots and pans.
Inheritance Tax is paid if a person’s ‘Estate’ is worth more than £325,000 when they die. This is called the ‘Inheritance Tax threshold’. The rate of Inheritance Tax is currently 40% on anything above the threshold. That’s 40% of your estate!
With careful planning it can be possible to lower your Inheritance Tax bill considerably or even reduce it to zero.
The Will Guys can help you with this by carefully writing your Will making sure the relevant Trusts are in place to address any tax liabilities. Contact us to discuss any concerns you have with your estate planning.
We have direct ties with a truly independent funeral planning company who work with a panel of partners to ensure they can find the best solution to meet your funeral planning needs.
With a wealth of knowledge on pre-paid funeral planning they are able to offer you and your family the most up-to-date advice and plans, ensuring you and your family peace of mind.