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Drafting a will is important because:
- If you die without a will, there are certain rules which dictate how the money, property or possessions should be allocated. This may not be the way that you would have wished your money and possessions to be distributed
- Unmarried partners and partners who have not registered a civil partnership cannot inherit from each other unless there is a will, so the death of one partner may create serious financial problems for the remaining partner
- If you have children, you will need to make a will so that arrangements for the children can be made if either one or both parents die
- It may be possible to reduce the amount of tax payable on the inheritance if advice is taken in advance and a will is made
- If your circumstances have changed, it is important that you make a will to ensure that your money and possessions are distributed according to your wishes. For example, if you have separated and your ex-partner now lives with someone else, you may want to change your will. If you are married or enter into a registered civil partnership, this will make any previous will you have made invalid.
Here at DS Legal we send our clients questionnaires to complete before you meet with us, this document has two purposes: it allows you to take your time and really think about your decisions and secondly, it will prompt you to consider matters that you might not have considered.
In particular you should think carefully about who you would like to be as an Executors as these are the people who will be responsible for carrying out your wishes and for sorting out the estate.
They will have to collect together all the assets of the estate, deal with all the paperwork and pay all the debts, taxes, funeral and administration costs out of money in the estate.
They will need to pay out the gifts and transfer any property to beneficiaries
It is not necessary to appoint more than 1 executor although it is advisable to do so. relatives or friends.
You should always approach anyone you are thinking of appointing as an executor to see if they will agree to take on the responsibility. If someone is appointed who is not willing to be an executor, they have a right to refuse.
For most wills we will consider providing a fixed fee charge of £200.00 plus vat for a single will or £300.00 plus vat for join wills/mirror wills. However, making sure that all eventualities are considered and that your intentions will be carried out after your death can take time and planning. In such cases we will charge on an hourly rate and work with you to ensure that you and those you over re fully protected. We will of course discuss likely costs at the start of our meeting.
We always recommend that you register your will, and there may be a small charge by a third party for doing this, particularly if you use a commercial agency such as Wills Certainty.
If you need help with any aspect of wills, estate protection and inheritance tax planning, please call Colleen on 01242 517949, 01792 892692 or 01993 220651 or email us at email@example.com