Wills

Making a Will is the only way to ensure that your wishes are carried out after your death. If you have not made a valid Will, your property will pass according to the Law of Intestacy. This may not be what you would have wished. In any event, it is likely to take longer to finalize than if you had made a Will.
Some reasons for making a Will:
1. Your Peace of Mind
2. Make your wishes known
3. Guardians for your children
4. Providing for your children
5. So you don’t end up paying 40% Inheritance Tax
6. Without one your spouse may not get it all
7. Reduce the headache for your family

A Will brings security, reassurance, and above all peace of mind – not just for you, but for all those who depend on you, either now or in the future.

Janet (49) & John (56) have been married for 10 years and they have little Susan 7 years old. John has two grown up children from a previous relationship, Adam and Jack. Janet has Amanda, 15, from a previous marriage, who lives with them both. Though John gets on fine with his ex, Janet doesn’t and doesn’t want him to have anything to do with her children. Janet and John bought a house together a few years ago, and though it’s mortgaged it is worth around £350k. Both have works pensions and a few savings in the bank, but not much.

John wants to make sure Janet, Susan and Amanda are looked after if something should happen to him, but he also want to be fair to his older boys. Janet wants John to look after Amanda and Susan if she isn’t around.

The solutions is a well drafted Will for them both. After a detailed consultation they decide to use a Trust to protect the family home.

In John’s Will he gifts his half of the house into a Trust that allows Janet to live there for the rest of her life, or have use of the equity of his half if she decides to move / downsize. On Janet eventually death his share would be split 4 ways between Susan, Amanda, Adam and Jack.

In Janet’s Will, she does the same as John with her half of the house but on John’s death, her share only gets split 2 ways, Susan and Amanda. She also appoints John as Guardian of all the children and additionally writes a Letter of Wishes to explain why she doesn’t want her ex-husband to have custody of Amanda. Though her ex has parental responsibility her wishes are now known and will carry great weight with any court.