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Wills
Our advice is that it is important to make a Will. Significant difficulties may face the next of kin of a person who dies without a Will and property may not be passed on as the deceased would have wished.
Once made, a Will ought to be reviewed in order to ensure that it has not been affected by changes in individual circumstances or by changes in the law.
It is possible to vary a Will after death by agreement of the original beneficiaries. It is not possible to bring a Will into existence.
It is possible to draft a Will that allows your executors the discretion to distribute funds taking into account the Capital Taxes regime that pertains at the time of the administration of the estate.
Wills can be used to establish trusts that outlast the duration of the administration of the deceased’s estate. The most common type of trust was to hold large legacies for children into their early adulthood, typically between 21 and 25. This appears to be problematic following the Budget of 2006 though the Finance Act may change the emphasis. We are advising our clients on the effects
When you first attend to make a Will, or return to amend your existing Will, we shall need to ask a list of questions of you so that we can give you best advice. We may send our
Wills Questionnaire out to you before the appointment, but if you want a preview, do print our web page and bring the answers to the appointment.
Making a Will often creates an opportunity for tax planning, often aimed at reducing Inheritance Tax liabilities. We are well equipped and more than happy to assist clients in this regard.
Inheritance Tax
We offer advice on a range of strategies which may reduce liability to capital taxes generally and Inheritance Tax in particular.
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