Although a Will is one of the most important documents that you will sign, the majority of the UK adult population do not have a valid Will in place. In such circumstances, your estate will be distributed according to the relatives you have at the date of your death and to a certain extent, based on the value of the assets that you have. These are known as the Intestacy Rules. Wills ensure that on your death your assets will be distributed according to your wishes.
As well as ensuring loved-ones are provided for, a Will can:
- Appoint guardians for minor children;
- Leave gifts to charities;
- Pass personal belongings to friends or family;
- Include trusts to protect vulnerable beneficiaries, safeguard means-tested benefits, protect assets against care home fee assessments and control who ultimately benefits from an asset;
- Provide opportunities for tax planning; and
- Pass family businesses on to future generations.
Remember, if you have a Will in place already, you should review it periodically, to ensure it is still appropriate for your circumstances. We would recommend having your Will reviewed approximately every 5 years.
At Mincoffs, we will provide you with fixed-fee quotation, once we have met with you and discussed your personal circumstances.
As members of the Society of Trust and Estate Practitioners (STEP) we adhere to the STEP Will Writing Code for England and Wales.
Sorting out your affairs may seem daunting but our understanding team is here to help, contact:
Associate Solicitor, Head of Wills and Probate
T: 0191 212 firstname.lastname@example.org