What is a Will and why is it important to have one.
Wills play a crucial role in securing the future of your money, property, and possessions, also known as your ‘Estate’, once you pass away. By drafting a legally binding document, you gain complete control over your wishes and designate an executor to handle your Estate. This Executor will follow specific procedures outlined in your Wills.
With careful and strategic planning, a Will can ensure that your loved ones are provided for in a tax-efficient manner.
If you pass without making a Will, the law will divide your Estate according to what’s known as the rules of intestacy. These rules are rigid and may not reflect what you would have liked to have happened to your money, property, and possessions. Those who you leave behind may be left with a large Inheritance Tax bill and let’s face it, you wouldn’t want that. By making a Will you can make sure that you do not pay more Inheritance Tax than you need to. If no blood relations can be located, your Estate could pass to the Crown.
Our comprehensive Will writing services can accommodate changes in your life circumstances, be it marriage, divorce, or the addition of children or grandchildren. With our guidance, you can confidently leave gifts of personal items to those you want too. Additionally, we can help with assistance in setting up trusts and making charitable contributions.
Specialist Wills for Complex Circumstances and High-Value Estates
When it comes to your Estate, it’s essential to consider the unique complexities and value that shape your personal circumstances. Understanding these factors is key to determining the most suitable solution for your situation. If you find yourself answering ‘yes’ to any of the statements below, it may indicate that a tailored and bespoke approach is necessary:
- The total value of your Estate exceeds £1 million.
- You are a business owner.
- You or your spouse have children from a previous marriage.
- You have made substantial gifts (over £3,000 in any tax year) to individuals or Trusts.
- You were born outside of the UK or possess assets and land outside of the UK.
- Your intended beneficiaries require protection for their inheritance.
- You are a beneficiary of a Trust.
To ensure you make an informed decision aligned with your specific needs, we encourage you to reach out to our experienced team. Our experts will attentively listen to your wishes and present you with a range of options for your next steps.
Types of Wills
There are a number of different Wills available, each one with their own characteristics:
Single Wills – suitable if you are not in a relationship setting out your personal wishes
Mirror Wills – suitable for couples who share similar wishes
Trust Wills – suitable for those who are either single, or with a partner or spouse, and whose affairs are complex or whose assets or family circumstances require that a degree of protection is desirable
Religious Wills – We will work with you to ensure that the Will we draft will be compliant to your individual religious beliefs.
Sharia Compliant Islamic Wills – In Islamic tradition, the laws of inheritance, as derived from the Quran and Sunnah, outline specific guidelines for distribution. It is crucial to understand that without a valid Islamic Will, your Estate will not be distributed according to these laws, and you will be unable to leave a Wasiyya. The Wasiyya represents the portion, up to one-third of your Estate, that you can allocate to individuals who do not automatically inherit under Islamic inheritance laws.
At our firm, we work alongside Islamic scholars who will review your Will and ensure that your Islamic Will adheres to the strict Shariah principles.
Allow us to assist you in preparing your Islamic Will, ensuring compliance with Shariah principles.
Contact us today on 01204 589009 to take advantage of our specialised services and ensure that your friends and family are provided for after your passing and that your Estate is distributed in accordance with your wishes.