Wills and Will Trusts
Protection for you and your loved ones
Safeguard the future of your loved ones and your wealth with Wills and Will Trusts. Writing a Will is a deeply personal and private act, but undoubtedly one of the most crucial legal documents you’ll ever create. To ensure you make the right choice, always seek guidance from a Will specialist. They can explain all the available Will and Will Trust options, tailoring them to your specific needs.
Here at Estate Planning Solutions, a professional Will writing company headquartered in Manchester, our primary goal is to help clients achieve their desired outcomes. Without a doubt, crafting the right Will for you is paramount. We understand the importance of sensitivity and respect throughout the Will writing process. That’s why we prioritise treating you with both at every step. Additionally, your privacy is a top concern. The information you provide is handled confidentially at all times, and we never share your details with any outside parties.
Will Writing Service
All recommendations are personalised to fit your specific needs. Consequently, any estate planning advice we offer is carefully tailored to your unique circumstances and wishes.
As a UK Will writing service, we strictly adhere to the rules and regulations set forth by legal authorities. We are also regulated by the Institute of Professional Willwriters, ensuring the highest professional standards.
Now, let’s explore your options! When making a Will or choosing associated estate planning tools like Will Trusts, you have four different choices available. We’ll outline the advantages and disadvantages of each option below to help you make an informed decision.
As professional Will writers it is our duty of care to inform you of all options. In addition to this you can also download a copy of our services booklet. This provides a more in depth overview of the Will and Will Trust options available to you.
The 4 main options to consider when deciding to make a Will
1. Not making a Will
Without a Will in place, the Laws of Intestacy automatically apply when you die. Intestacy rules are there to balance the rights of your spouse and children. However, inheritance is fixed in terms of how much each party will receive, so consequently someone always loses out. You avoid the cost of writing a Will, although it should be noted that your wishes may not be met.
2. Basic Will
A basic Will leaves everything to your spouse or partner. If you are single everything passes directly to named beneficiaries. In addition, a basic Will distributes what is left of the estate, however this is only after you have passed away. Importantly you avoid the Intestacy process and your wishes are made clear.
Disadvantages of not making a Will:
- The law writes your Will for you. There is no control over the distribution of your estate.
- Your wishes are not reflected. Moreover, your spouse’s inheritance is limited and partners receive nothing. Children will inherit at 18. Also you cannot make any monetary gifts or specific gifts of sentimental items.
- Winding up your estate is likely to be an expensive process, which in turn makes it difficult for those left behind.
This is NOT an appropriate option for most people.
Disadvantages of a Basic Will:
- No protection for your estate against lifetime disinheritance threats, including such things as sideways disinheritance and long-term care fees.
- Probate fees and delays still apply.
- No protection for your beneficiaries’ against long-term disinheritance threats.
This is NOT an appropriate option for most people.
3. Will Trust
A Will Trust protects some of your estate, against some of the losses inflicted by inheritance threats. Combine the way that you own your property with the use of a Will Trust.
4. Lifetime Trust
A Lifetime Trust protects your estate against all inheritance threats. Importantly, it places assets within its protective wrapper.
Advantages of a Will Trust:
- Protects your spouse or partner, or other beneficiaries if you’re single.
- Mitigates the impact of sideways disinheritance and the effect of long-term care fees on your beneficiaries’ inheritance.
- Maximises bloodline inheritance.
Disadvantages of a Will Trust:
- A Will Trust does not come into effect until after the first death.
- Probate is still needed. Consequently fees are still incurred at an average cost of £9,000 and furthermore delays of at least 9-12 weeks.
- Only half the property is protected against sideways disinheritance and care fees.
An appropriate option for anyone wanting to mitigate some risk and improve loved ones’ inheritance.
Advantages of a Lifetime Trust:
- Avoids the cost of creating a Will Trust after the first death.
- Avoids the cost of Probate fees, consequently saving thousands of pounds. In addition, it avoids the stress and delay of Probate for loved ones.
- Protects the whole of your property and other assets from sideways disinheritance.
- Provides complete protection of each beneficiary’s inheritance from potential threats. Including, sideways disinheritance, marriage and divorce, financial issues and insolvency, Inheritance Tax and the loss of means-tested benefits.
An appropriate option for anyone looking to maximise inheritance for loved ones and protect their inheritance in the long-term.
Firstly, to decide which option is right for you and your loved ones, you must assess your current circumstances. Secondly, you look at your short-term and long-term estate planning objectives.
Often this includes some, or all, of the following:
- Retaining control and making life easier for loved ones
- Most couples want to protect each other in the first instance
- Maximising inheritance for loved ones.
For further insights, current industry news and updates on Wills and Will Trusts...