Even more importantly, if you have children and die without a Will, there will be no control over who will take in and bring up your children, who will manage their money until they are old enough, or over when “old enough” will be.
Setting up a Trust within your Will or even beforehand is a sensible way to protect assets or ‘ring fence’ funds for beneficiaries who may require ongoing support before or after you die.
Reducing the amount of Inheritance Tax and ensuring your beneficiaries receive more of your hard earned estate requires early planning. The most efficient and effective solutions require action well before you die, so don’t leave it too late.
Then there is the question of Probate – the winding up of someone’s estate when they die. With or without a Will, this process can be confusing and long-winded, especially amid the sadness and grief of loss. It’s a time when it makes sense to seek a skilled practitioner in this field.
We’re highly experienced in this field of law. We’re also renowned for our sensitive and sympathetic approach. Solicitor and Head of Department Michael Cutler has worked in this specialised area for over 20 years. Michael is especially skilled in dealing with complex Wills and Trusts and in 1995, he was admitted to membership of the prestigious Society of Trust and Estate Practitioners (STEP), the worldwide professional association, for those advising families across generations.
NEW: Know the essentials
You and your three friends start up a business. It takes off and, on the advice of your accountant, the four of you form a limited company. Each of you has 25% of the shares. You are a minority shareholder, but that doesn’t both you. Why should it? The business has grown and is now worth £1m. In your mind, your shares are therefore worth £250,000. You probably haven’t thought about it but, if asked, you expect that on your…
Congratulations, that puts you ahead of most people, but when did you last look at it, what has changed since you made it, do you know where it is, does anyone else, and who wrote it for you? A Will should be a work in progress – whenever there is a significant change in your personal, family or financial circumstances, or in the relevant law (and, in any event, about every 3 years to be on the safe side), you…