With your gifts to your partner or children (or anyone else), you may want to set out who should get their gift if they die before you. For example, a gift to a child is often then shared equally between their children (your grandchildren).
If you have children under 18 you can decide who you would like to appoint as guardian to look after them if both you and their other parent were to die. This is usually a trusted close relative. You will need to discuss this with them as they would need to have the capability to take on this role.
You can use your will to give your preference for burial or cremation and any religious requirements. Whilst it does not bind your executors, it highlights the importance of appointing people you trust to carry out your wishes.
You will need to appoint an executor to administer your will after you’ve died, this is someone you trust to ensure your wishes are followed. Most people choose two executors. You need reliable people who would work well together and be able to cope with this important legal responsibility. It can be quite a burden, so we would be happy for you to appoint us to do this for you, perhaps working alongside a trusted friend or relative. We can explain the costs involved – so that you know your affairs are left in a safe pair of hands. If you have anyone in mind, we will need their name and address.
Your will covers your wishes for when you die. However, as an optional extra we recommend that as well as your will you also put legal protection in place in case of accident or illness. This is to ensure your wishes are carried out if you were unable to make decisions for yourself whilst still alive. This can cover important decisions about your finances, where you live and your medical treatment. The separate document to your will is known as a ‘Lasting Power of Attorney’. In it you get to appoint someone you trust to step in to make those decisions for you. Without it your partner or family do not automatically have the legal power and instead the court steps in. It costs extra now but can save money in the long run. Most people find it important.
Don’t worry if you haven’t made all of these decisions yet – that’s what our service is all about – helping you to understand the options and make the decisions that are right for you.
Research commissioned by SFE has revealed that over half (51%) of people living in the Midlands who have a will haven't updated it for more than five years, meaning nearly half of wills made in the area are likely to be out-of-date. Of those, over a third (35%) haven’t updated it for over 7 years, and over a fifth (22%) haven't dusted it off in more than a decade.
Life is full of twists and turns and none of us can be sure what the future holds. That’s why creating a will makes good sense. As more and more people realise the importance of making a will, it’s no longer seen as something just for the elderly or ill but simply part of sound financial planning for any family or individual.
Upon the death of a relative, administering their estate is an important step to undertake. In some circumstances, this is more difficult because there is no will or it is somehow invalid. Moore & Tibbits can guide you through what the right steps are.
Inheritance and tax planning
Making plans for loved ones after you die may be difficult to think about but it is important to ensure your wishes and plans are carried out. Our specialist team can help you think through your plans and their financial impact to ensure that maximum use is made of your inheritance tax “allowance” available on death.
Lasting Power of Attorney
Making a Lasting Power of Attorney is vitally important in ensuring your wishes will be respected should an accident or ill health prevent you from making decisions in the future.
Making a will checklist
To help you prepare to plan ahead.
For many people, trusts are a useful way to assist in tax planning and to preserve assets. There are various types of trusts and they can be created during your lifetime or by your will.
What happens if you don’t have a will?
Many people don’t realise that without a will in place, the law decides how their money and possessions are distributed (following the intestacy rules). You lose the right to choose. The result may not be what you would have wanted or may cause future legal problems for those you love.
Will and inheritance disputes
The terms of a Will can cause distress. If there isn’t one, this is difficult too. Moore and Tibbits can advise on any matter where a will or inheritance is in dispute.
Call us to make an enquiry today on 01926 491 181
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