Wills

Writing and updating your will

Wills are important for everyone – not just the elderly or wealthy. They ensure you have the peace of mind that comes with knowing your affairs will be in order after your death. Just some of the benefits of having a will include:

• Ensuring your wishes are clearly set out, so the people you want to inherit from you can do so, and those you don’t, won’t.
• Having a will ensures your estate goes to your loved ones and not the Treasury – which can happen if you die without one.
• If you’re not married or in a civil partnership, your partner won’t automatically inherit from you. A will sets out your wishes and ensures they can.
• You can make arrangements for what will happen to your children if you die before they reach adulthood.
• You may be able to reduce the amount of inheritance tax you pay with a carefully thought-out will. 
• You can set out your wishes for your remains, such as burial, cremation, or medical research.
• You can ensure your business stays in your family or is passed on to whoever you choose. 

To write your will or change an existing will to better reflect your wishes, please get in touch with our will-writing solicitors today.

Mirror wills

Mirror wills are two wills that mirror each other, usually used by couples, either married or unmarried. They can be useful if you both have similar wishes for your assets upon your death. This can provide peace of mind for couples that their partner will retain full control of their assets after their death.

However, mirror wills are not without risks. As they are two separate legal documents, it is possible for either party to change their will so it no longer mirrors the other, so this must be considered before you decide if a mirror will is right for you. For more information about mirror wills and whether they may suit your circumstances, please get in touch with our will writing solicitors today. 

Mutual wills

Mutual wills are a will made by two or more people (although, typically, they are married couples). They include the agreement that the will will not be changed or revoked. So, once one party dies, the surviving party is bound to the terms of the mutual will. For example, a mutual will could state that all assets pass to the surviving party, and then pass onto the couple’s children upon the death of the second party.

If the terms for a mutual will are met, the surviving party has a constructive trust imposed upon them, meaning they cannot make a new will concerning the assets in the mutual will.

There are risks associated with mutual wills. If you’re considering one, get in touch with our will solicitors, who will be able to provide advice based on your personal circumstances. 

Will trusts

A will trust is a legal arrangement within a will that is used to manage the distribution of assets to the beneficiaries. Trustees are appointed, who hold and manage the assets for the specified beneficiaries.

There are several reasons to consider using a will trust. For example:

• To protect assets for vulnerable beneficiaries, such as minors or those with certain disabilities.
• For tax planning purposes, to reduce inheritance tax liabilities in certain circumstances.
• To delay the distribution of inheritance to beneficiaries, for example, until they reach a certain age.

Creating and managing a will trust can be complex, so you should seek legal advice from a specialist if it’s something you’re considering. Our solicitors will help you understand the potential benefits, drawbacks, and considerations to ensure your wishes are accurately reflected in your will. 

Inheritance Tax Planning

Effective inheritance tax (IHT) planning is crucial, especially for those with larger estates. Our will specialists can assist you with IHT planning, including for those with international, agricultural, or business assets, as well as considerations for charitable giving. Please get in touch for personalised advice on your specific estate.

Contesting a will

If you don’t believe a will to be valid, you may be able to contest it. For example, if the person who made the will may not have had the mental capacity to understand their actions; they may have been pressured or coerced; the will may be fraudulent or forged; or it may not have been properly executed.

If you wish to contest a will, there is a legal process that you must follow, including a formal application to the court, gathering evidence to support your claim, and potentially attending court hearings. Seek advice from our specialist solicitors for more information, including whether you may have a claim. Please get in touch today.