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Making a will is a crucial part of sound financial planning, allowing you to pass your assets on death to your desired beneficiaries and to distribute your wealth in a tax-efficient way.
A common misconception is that your partner will inherit everything when you die. If you have not made a will, you risk your estate passing according to the rules of intestacy. In some cases this could mean part of your estate benefiting people you never intended to benefit.
The first element to making a will is the practical need to ensure your wealth is managed properly after you die, while the second is an emotional one, to provide for your family. Most couples will want to leave their estate to their surviving partner and children, but it's important to consider what happens if a widow or widower remarries and has more children – would you want your money used to support a new family?
You also need to think about how your children will cope with a large inheritance, as well as issues such as how to minimise inheritance tax. These are all topics our experienced lawyers will talk you through, raising questions you might not have thought of and helping you take a considered view on the best course of action.
We can also advise on the most appropriate will structure for those in second marriages with more than one family, for civil partners or unmarried couples who own property jointly, or for those who run a business which cannot be split or sold.
The right will is a key element in the overall management of your family wealth and affords you peace of mind. Whilst we draft wills that can last you a lifetime, it is important to review your will regularly, or in the event of any change in your personal or financial circumstances - for example, on marriage, separation, the birth of a child, on receiving an inheritance and on retirement. Regularly reviewing your will can also help minimise the risk of future disputes.
The wills, trusts and probate solicitors at B P Collins LLP are members of the Law Society’s Wills and Inheritance Quality Scheme (WIQS).
It provides a best practice quality mark for wills and estate administration advice that consumers can trust and outlines required practices in areas such as will drafting, probate and estate administration.
Our top ranked private client team provide structured advice to ensure that capital taxes are minimised while endeavouring to maximise family flexibility.