Wills
Why do I need a Will?
It allows you to decide what happens to your property and possessions – putting you in control. It doesn’t matter what your circumstances – young, old, married, single, with or without children – you should consider making a Will.
Did you Know?
- Your husband or wife may not automatically inherit your property or possessions.
- If you are not married or in a Civil Partnership your partner is not automatically entitled to anything.
- If you have children, a Will lets you decide what happens to them by enabling you to appoint a formal Guardian.
- A Will lets you make gifts to friends, charities or other family members that wouldn’t otherwise benefit.
- A well prepared Will can also enable you to protect your gifts so they do not end up in the hands of someone you would not want to benefit.
- A Will can help you plan to reduce the tax paid by those you leave behind.
What types of will can I get?
1) Quality Will
This is the starting point where your circumstances are straightforward. It covers issues such as:
- Everything you own being left to one person and/or to all children equally
- Some specific gifts
- The option of ensuring that gifts to children are only received at a specified age over 18
- A gift to a charity
- Appointing guardians for children under 18
- Your funeral wish
2) Quality Complex Will
This covers more complex issues such as:
- Gifts such as a house where the benefit is limited to a person’s life
- Protecting assets so they go to children of a previous relationship
- Protecting your property (assets) to avoid them being used for care
3) Quality Protection Will
This is the most complicated type of will providing you with protection on issues such as:
- Reducing Inheritance Tax on business or agricultural property
- Protecting property from ending up in the hands of creditors
- Protecting property from passing outside the family due to divorce or re-marriage or bankruptcy
- Giving a gift so that the person receiving it does not lose means tested benefits or tax relief
