Why A Will and Trusts Matter.
A Will and Trusts ensures your wishes are honoured and your family is protected.
Our primary goal is to help UK citizens understand the importance of a Will and also Trusts — without the complex legal jargon.
Did You Know?
What Happens If You Don’t Have a Will?
- Your assets may not go to the people you care about.
- Legal disputes can arise, causing stress and delays.
- Your family may face unnecessary tax burdens.
Frequently Asked Questions.
Can I make a Will without a solicitor? – Yes, but professional advice helps avoid mistakes. Even the smallest of errors can invalidate a will. A Solicitor will know where to look for common errors.
What happens if I die without a Will? – Your estate follows the UK intestacy laws.
Who should be my executor? – Choose someone responsible to manage your affairs. For example: An Accountants financial acumen makes them suitable for these roles.
Understanding Wills, Testaments, and Trusts.
What is a Will?
A Will is a legal document that outlines how you want your assets and possessions distributed after your death. It ensures that your wishes are carried out properly and prevents disputes among loved ones.
Key Points:
- A Will specifies who inherits your estate (money, property, and belongings).
- A Will allows you to appoint guardians for children under 18.
- A Will names an executor, the person responsible for handling your estate.
- A Will helps minimize inheritance tax where possible.
What is a Testament?
A Testament is often used interchangeably with “Will,” but historically, it refers to personal wishes regarding movable assets such as money and belongings. A Will and Testament together cover both real estate (houses, land) and personal possessions.
Interesting Fact:
What is a Trust?
A Trust is a legal arrangement that allows you to transfer assets to someone (a trustee) to manage on behalf of your beneficiaries. Trusts can be used during your lifetime or after death to protect assets, reduce taxes, or support loved ones over time.
Types of Trusts:
- Living Trust – Set up while you’re alive for smoother estate management.
- Testamentary Trust – Created in your Will, taking effect after death.
- Discretionary Trust – Flexible, allowing trustees to decide how assets are shared among beneficiaries.
- Bare Trust – Straightforward trust where assets are held for a child until they reach a certain age.
Read more about Creating Generational Wealth through Trusts
Why Wills and Trusts Are Essential.
- Prevents Legal Complications – Without a Will, your estate follows UK intestacy laws.
- Protects Vulnerable Family Members – A Trust can safeguard children or loved ones with specific needs.
- Avoids Delays and Disputes – Having clear instructions prevents costly legal battles.
- Ensures Long-Term Financial Security – Trusts help manage wealth across generations.
RESOURCES
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Understanding UK Inheritance Tax (IHT)
Understanding UK Inheritance Tax (IHT): How to Plan Effectively Inheritance Tax (IHT) is often misunderstood and sometimes overlooked until it’s too late to plan around it. But with property values rising and thresholds remaining relatively static, more and more estates are being pulled into the IHT net. Whether you’re planning your estate or expect to…
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Inheritance Tax Calculator
UK Inheritance Tax Calculator Property Value (GBP): Cash and Savings (GBP): Investments and Shares (GBP): Personal Belongings (GBP): Life Insurance (Not in Trust) (GBP): Transferred Allowance (GBP): Leave 10% or more to charity? Calculate IHT
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No Will? UK Intestacy Laws Explained
Understanding Intestacy Laws in England and Wales When someone dies without a valid will in England or Wales, their estate is distributed according to intestacy laws. These rules are set out in the Administration of Estates Act 1925 and have been updated over time, most recently through the Inheritance and Trustees’ Powers Act 2014. We…
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Top 10 Mistakes to Avoid When Writing a Will
Creating a Will and Testament is one of the most important steps you can take to protect your loved ones and ensure your estate is handled according to your wishes. Yet, many people in the UK fall into common traps that can cause stress, legal challenges, and even financial loss for their families. Whether you’re…
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Will And Testament Checklist
Free Checklist: What You Need to Know Before Writing a Will Download your essential checklist (PDF with key steps to get started) Helps you understand legal terms, prepare key documents, and know what to ask a solicitor.
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Online Will Service
Description: Platforms that allow you to create a Will online by answering a series of questions. Some offer reviews by legal professionals e.g. Online Wills UK Benefits: Important Note: For complex situations involving significant assets, business interests, potential Inheritance Tax liabilities, or complex family structures, it is generally advisable to seek advice from a qualified…
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Accountant
Description: A financial professional who can advise on the financial and tax implications of Wills and Trusts. They can help with asset valuation, tax planning, and trust administration. Benefits: Important Note: For complex situations involving significant assets, business interests, potential Inheritance Tax liabilities, or complex family structures, it is generally advisable to seek advice from…
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Will Writer
Description: A professional who specializes in drafting Wills. They are not necessarily qualified solicitors but often have specific training in Will writing. Benefits: Important Note: For complex situations involving significant assets, business interests, potential Inheritance Tax liabilities, or complex family structures, it is generally advisable to seek advice from a qualified solicitor specializing in Wills…
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Solicitor for Wills and Probate
Description: A qualified legal professional who specializes in drafting Wills, setting up Trusts, and administering estates (probate). They provide expert legal advice tailored to your specific circumstances, ensuring the documents are legally sound and reflect your wishes accurately. Benefits: Important Note: For complex situations involving significant assets, business interests, potential Inheritance Tax liabilities, or complex…