Wills
WILLS
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.
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.
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.
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.
It is therefore important that you make clear what you would like to happen by creating a Will.
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.