Wills and Probate Solicitors in Northampton and Milton Keynes
We spend our lives working to provide for ourselves and our loved ones. You may have a property or business (in the UK or overseas), shares, savings, investments as well as your personal possessions.
All of these assets are your ‘estate’. Making a Will ensures that when you die your estate is distributed according to your wishes.
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Many people do not thoroughly plan for the future after they are gone and often assume their possessions will simply pass automatically to their spouse or children. Often people believe their assets are too insignificant to need a formal arrangement or legal guidance. But if you die without having made a will, the intestacy rules apply in an arbitrary manner. The only certain way to ensure that your spouse, partner or relative inherits what you intend is by making a Will.
Everyone should have a Will, but it is even more important if you have children, you own property or have savings, investments, insurance policies or you own a business.
you will be listened to and advised sensitively, confidentially and in accordance with your and your family’s personal circumstances;
you will leave your affairs in order, choosing your executors and ensuring protection for your loved ones;
you can appoint guardians for your children;
you can provide for a cohabitee or other beneficiary such as a dependant or charity, who may not otherwise be provided for if you die without a Will;
you will help prevent family disputes arising;
With our specialist planning and advice:
you may be able to reduce the Inheritance Tax burden that would otherwise be due and plan for a more tax efficient future;
your business interests will be tax efficiently protected and will work in conjunction with any partnership or shareholders agreements;
you can make appropriate provision for disabled or vulnerable beneficiaries without exposing them to exploitation or financial abuse, whilst ensuring the protection of their means tested benefits;
you can provide for complex family arrangements, for example to protect children from different relationships or second spouses;
you can preserve your share in the house from care home fees, protecting it and passing it instead to your intended beneficiaries;
Even if you have already made a Will, it is important to keep this under review at regular intervals (at least every three – five years). The world does not stand still and in particular your family circumstances and relevant taxation laws will change.
Any person who holds an asset on behalf of the owner of that asset for the benefit of someone else or other people. The role of Trustee is governed by legisation and case law.
Why is making a Will important?
It ensures that your estate goes to the people you want it to go to. This is particularly important for so called unmarried “common law” couples.
Who would you recommend as a beneficiary?
There is no definition of what to recommend except that they must be capable of receiving a benefit when your Will or Trust comes into effect, so be careful giving money to vulnerable and/or disabled beneficiaries who rely on benefits as a generous gift may make their life worse.
Does a lawyer have to prepare a Will?
No, the Wills Act does not reserve this work to solicitors or experts.
What is the main purpose of a Will?
To ensure your estate is collected, administered and distributed by a competent adult (over 18) to the people you want it to go to.
How do I know if i'm in a Will?
You don’t, unless the testator, or person who makes a Will, tells you
What are the dos and don'ts of making a Will?
Do be clear, concise and to the point. Do obtain legal advice as even the most simple provisions could have unforeseen effects. Do not be vague (see earlier). Do not ask people to hurt or defame others. Do not burden your executors with dispute resolution or trying to heal family rifts.
Contact the Franklins Wills team
If you have any questions about making a Will, please don’t hesitate to contact our team of experts who are on hand and ready to help you.
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