A Will is a legal document in which you arrange how your property will be distributed, and who will deal with your estate (your executors), on your death. Importantly, wills enable you to pass on your assets in a tax efficient way. You would decide who is the successor of your business and plan well in advance for that succession to evolve efficiently.
Whereas applicable, you shall also appoint a guardian for your minor children, thus ensuring that in addition to them being financially protected, they will receive the best possible care in the event of your death.
By making a Will you ensure that your family and loved ones will be protected according to your wishes, preventing the laws of intestacy deciding how your estate will distributed. It can also avert family disputes as to how your assets shall be distributed and who your beneficiaries shall be.
What is involved in making a will?
Making your Will would involve ascertaining all your assets forming part of your estate, assets that you own solely, but also including those you own with somebody else as joint tenants or tenants in common, whether you have a business or any interest under a trust, etc. to establish the value of your estate. This an opportunity to discuss a tax efficient will and inheritance tax mitigation.
We would also discuss your personal circumstances, whether you are married, in a civil partnership or co-habiting with your partner, whether this is your second or third marriage and how your previous marriages ended (e.g. death of the spouse or divorce) whether you have children, including minor children, grandchildren and taking special care of any vulnerable beneficiary, if so is required.