Wills
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WILLS
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Even if you believe you only require a “straightforward” or “simple” Will, we can assist to have it professionally done in accordance with your wishes.
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It is reported that over 70% of the adult population in the UK have not made a last will. For those who do, may not have updated them for a considerable period of time to take into account of their changing family or financial circumstances.
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If you pass away without having made a Will, then what is known as the “Rules of Intestacy” will govern what happens to your assets. Very often these rules do not reflect your specific wishes.
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The Inheritance and Trustees Powers Act 2014 came into effect on the 1st October 2014. This represents one of the most significant changes to Intestacy and Family Provision Law in a generation.
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It is therefore important that you make clear what you would like to happen by creating a Will.
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An existing Will should be updated, if any of the following take place:
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Change in your financial circumstances i.e. you inherit from a family member;
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Death of a family member, divorce or marriage of yourself or a family member mentioned in your Will;
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If you have new additions to your family you would like to provide for such as children, step-children, grandchildren, or great grandchildren.
SLSN recommends that you seek professional help and act TODAY to ensure that:
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Your assets go to your family and don’t end up in the hands of distant relatives or even the Crown (name: Bona Vacantia Division);
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Decide who looks after your affairs and assets after you die;
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Name guardians to look after your children if you die before they reach their majority;
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Save your family the heartache of not knowing your wishes;
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Consider Tax savings by writing your Will in a tax minimising/efficient manner.
If you own property, when making a Will, you also need to consider how your home for example is legally and beneficially held… view our “severing joint tenancies” section in our Services to find out more.
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