Meaby & Co, Lawyers Specialising in Wills and Estate Planning
Why Do I Need a Will?
Wills and estate planning are essential in ensuring that your affairs are managed in accordance with your wishes following your death, whatever your financial status. A will can address the following areas:
The appointment of an ‘Executor’ (an individual who will manage the administration of your estate). The Executor (and you are permitted to appoint more than one) can be a close friend or family member who shall be responsible for arranging your funeral, making the legacies detailed in your Will and supervising any trusts that may arise
- The appointment of Guardians for children
- Specific items that you would like to leave to particular people
- Specific sums of money that you would like to lease to particular people
- How you wish to dispose of your ‘Residuary Estate’ (i.e. everything that is left in the pot subject to any specific items or sums of money as described above)
If you die without making a will, the Intestacy laws will dictate who receives your estate, and this can result in your property passing to beneficiaries that you would otherwise have excluded; it can also result in beneficiaries that you would like to favour receiving smaller legacies that you would otherwise wish.
Another considerable advantage of having a Will is that you can arrange the division of your estate in such a way as to ensure that you are minimising your Inheritance Tax exposure. Inheritance Tax is currently payable at 40% of the value of everything you own over £325,000.
At Meaby & Co we pride ourselves on offering clear and unambiguous advice. We can also advise on the benefit of trusts and other more complicated estate planning measures.
If you would like to discuss your Will & Estate Planning options, please contact our Private Client Department on 0207 703 5034 or email firstname.lastname@example.org