5 Important Points You Need to Cover in Your Will

5 Important Points You Need to Cover in Your Will

Depending on your personal circumstances, the process of drafting a Will can be relatively straightforward. On the other hand, the process can become much more involved, especially if there are several people you would like to name as beneficiaries to your estate or if the assets you possess are substantial. 
Whichever category you fall into, there are still several important points that need to be covered to ensure that your Will is as accurate and as comprehensive in its detail as it needs to be. 

1. Guardianship and Custody of Minors

If your children are still young, it is imperative that their welfare is accounted for in the drafting of your Will. You will need to ensure that you have nominated the parties who you deem as suitable for looking after your children in the case you’re no longer able to. 
This isn’t so much of an issue if you’re married but is still an important point for consideration and needs to be discussed with your family. In addition, it might be worth looking into whether setting up a series of trusts is the best way to ensure that your children are taken care of financially. 

2. Distributing Liquid Assets

You have the ability to include everything in your Will that you own – and you should do so. This includes money, heirlooms, personal possessions as well as any other items you would wish to be passed onto specific members of your family. 
Each asset should be named in your Will specifically; making them much easier to be distributed during the process of probate. 

3. Distributing Property Assets

The property we own are usually some of the most valuable assets we possess. If you’re in possession of any property at all – even if it’s just your primary residence – this should be included in your Will to ensure that there are no issues with your Will being contested in the event of your death. 

4. Funeral Arrangements

Some of us will have a very specific set of wishes for the way in which are funerals should be organised. This may be for religious reasons or simply personal preference, but your Will is the best place to let your wishes be known. 
To ensure that you receive the burial service, cremation or funeral procession that you desire, be sure to detail your requirements explicitly within your Will. 

5. Appoint an Executor

It is always a good idea to appoint an executor who will oversee the process of probate on your behalf. Your nominated executor could be your solicitor or even a member of your family or a close friend, but do ensure that the person you nominate is happy to complete this task.

Heritage Wills: Providing a Range of Will Writing Services

For more information on the services we provide in relation to the drafting of Wills and nominating Powers of Attorney, get in touch with a member of our team on 01603 894500. If you would prefer a face to face appointment, we can also schedule a home visit by one of our trained consultants at a time to suit you. 

The Benefits of Appointing a Power of Attorney

The Benefits of Appointing a Power of Attorney

There might come a time when you are unable to make important decisions concerning your finances and wellbeing. The trouble is, not all of us know when this time will come as it can be difficult to pre-empt, with such a time potentially never coming to fruition.
If you are progressing in life, appointing a Power of Attorney can be the most straightforward way to ensure that your best interests are looked after, ensuing that you receive the peace of mind of knowing your financial interests as well as your healthcare choices are taken care of. 

What is a Lasting Power of Attorney?

A Lasting Power of Attorney or LPA is a nominated person who becomes responsible for looking after you if you suffer from reduced mental capacity. It is this person who becomes responsible for your financial affairs such as making sure that your bills are paid and that you can meet your financial obligations. They will also become responsible for ensuring that your wishes for healthcare are carried out to your exact instructions if you are no longer able to make your desires known.
It is important to understand that if you don’t appoint an LPA and subsequently become ill or otherwise incapacitated, your family will have to undergo a comprehensive court process to become your deputy and act on your behalf. 

LPAs are Legally Binding

If you have an LPA in place, it cannot be ignored and overridden as it as seen as a legally binding agreement. This in itself provides a great deal of peace of mind that your wishes will be adhered to. 

Preventing Family Feuds

Times of illness can be very stressful for families as they struggle to come to terms with potentially loosing someone close to them. This stress can add a number of complications to dealing with the care process for a member of family, especially if it can’t be agreed who should be taking responsibility. 
Appointing an LPA removes this element of conflict by allowing you to detail who should represent you, as well as what you want to happen in the event of you no longer being capable of making decisions or communicating effectively. 

In the Event of Your Death

In addition to your LPA, it is very important that you also communicate your wishes in the event of your death. One of the mechanisms for doing so is with the writing of Wills which allows you to decide what will happen to your estate and your possessions once you pass away. You are also able to appoint an executor on your behalf who will oversee your Will being progressed through probate. 
The other mechanism for communicating your wishes and protecting your assets is via the formation of what are known as trusts. It is these trusts which will allow you a greater element of control over the future of your assets via a strict set of terms. 

Heritage Wills: Providing Guidance in Appointing Powers of Attorney

To discuss your requirements for the formation of a Lasting Power of Attorney, call us today on 01603 894500 to speak to a member of our team who will guide you through the process and answer any questions or concerns you may have. 

A Guide to Setting up a Trust

A Guide to Setting up a Trust 

Trusts are becoming increasingly popular in the UK as an efficient way to pass on assets to the people they’re intended for. Similar to Wills, but with some key differences, a trust can minimise the tax liability of your estate and ensure that as much of your assets as possible go to those you wish them to.
Setting up a trust isn’t difficult but will require specialist input, meaning that you’re rarely able to DIY the process as some people might with a Will. To assist you in the formation of your trust, we are able to act on your behalf to ensure that your trust is as accurate as it needs to be to achieve your aims.

What is a Trust?

There are several different types of trust that you could make use of depending on your aims, but simply put, they are a mechanism for the safe protection of assets until the time comes that they can be inherited by their intended beneficiaries. 
It is this element of protection, preventing them from being included as part of your estate and passing through probate which is so desirable. 

A trust could be used to;

  • Provide for your children or grandchildren if they are still very young and aren’t capable of managing money.
  • Provide for an adult who is unable to manage their money for a variety of reasons. 
  • To ensure that you are taken care of when you’re older and receive the care that you need, with or without appointing Powers of Attorney. 

It is even possible to form a trust with the sole intention of providing financial support for a child or grandchild’s education, with the assets in the trust only able to be used for this purpose. 

Appointing Trustees

In the process of forming a trust, you will be required to nominate what are known as trustees. It is these trustees who will be responsible for administering the trust and to disseminate assets and funds as required. 
You should always make sure that the people you nominate are aware of their responsibility and what the position entails. 

The Cost of Forming a Trust

The cost will depend on the scope of the trust and how involved the formation procedure is. The most important factor to focus on is ensuring that the details of the trust are as accurate as possible to avoid legal issues down the line due to ambiguous wording or unclear detail. 

Absolute Entitlement and Discretionary Trusts

Both the wording and the type of trust you form will determine just how both the capital as well as any income derived from the trust are treated for the purposes of assessing your suitability for assistance from the State. 
If a discretionary trust, only the actual income received would be considered to assess entitlement for provisions such as elderly care. 

Heritage Wills: Providing Expertise in the Formation of Trusts

Heritage Wills possess a vast amount of experience in the formation of trusts and can work with you to ensure that the trust you form is suitable for the aims you are trying to achieve. 

For more information on the services we provide, speak to a member of our team by calling us on 01603 894500 where we’ll discuss your requirements in detail.