Wills and Will Trusts

Protection for you and your loved ones

Ensure your future wishes for your wealth and loved ones are met by using Wills and Will Trusts. Writing a Will is both a personal and private thing to do, and certainly one of the most important legal documents you will ever make. Always choose a Will specialist to help you make the correct Will for you. They can talk you through all the Wills and Will Trusts options available.

As a professional Will writing company we provide a first class Will writing service from our Head Office in Manchester. First and foremost, our aim at Estate Planning Solutions is helping clients to achieve their desired result. Without a doubt any Will you make must be the right one for you.

Will Writing Service

Firstly, at every step of the Will writing process, you are treated with sensitivity and respect. We handle the information you provide us with in a confidential manner at all times and never share your details with outside parties. Secondly, any recommendations we make are personalised to you. Most importantly, all estate planning recommendations are tailored to meet your circumstances and wishes.

As a UK will writing service we abide by the rules and regulations stipulated by the legal authorities and are regulated by the Institute of Professional Willwriters.

When making a Will or any associated estate planning such as Will Trusts, there are four different options available. The advantages and disadvantages of each are are outlined below. 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.

Download our services booklet for a more in depth overview of the 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.

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