We have a simple range of Wills to suit the different needs of our clients. There are four main types of Will, the Basic Single Will, Basic Mirror Wills (for couples), Property Trust Wills to help protect the value of your home from the effects of long term care or remarriage, and Discretionary Trust Wills for spouses with large estates, where you can protect assets or the interests of your beneficiaries themselves. Discretionary Trust Wills are also appropriate where there are business interests, to maximise the availability of inheritance tax relief without compromising your long term aims for the family.
A Basic Single Will includes the following:
A Basic Single Will is suitable for individuals who merely want to ensure their assets pass to beneficiaries of their choice.
Basic Mirror Wills involve the same as a Basic Single Will but they are designed for spouses, civil partners, or co-habiting partners. The Wills are basically identical, but for the name of the partner.
Previously, Discretionary Trust Wills were primarily completed by people wanting to mitigate their Inheritance Tax liability. The changes in the rules have reduced their necessity to a certain extent but, if you want to have long term asset protection whilst still retaining your options to mitigate Inheritance Tax (particularly if you have business assets), then Discretionary Trust Wills are still an appropriate planning tool.
For further information click here
If the possibility of your home having to be sold to pay for care fees concerns you or the thought of your Estate passing to someone other than your children through remarriage worries you, then you should consider creating Property Trust Wills.
By dealing with the way in which your property is owned and creating an appropriate Will, this can significantly reduce potential liabilities and allow you to keep greater control on how your property is dealt with upon your death.
For further information click here
