Sadly, death is the most certain thing in life, but making a will is a sensible way to plan for the inevitable and minimize the distress and burden caused to family left behind. I regularly advise parents who want to ensure that they have named a Guardian for their children and made the best possible arrangements for them.”
However, it is not only parents of young children who need to consider making a will. There is a common misconception that unmarried partners will automatically receive their partner’s estate on death. However, the only way to ensure that an unmarried partner benefits from their partner’s estate is by making provision for them in a will.
Sensible planning can minimise the liability of your estate to inheritance tax.
By creating a trust in your Will you can allow your partner to have the use of your house, or your share of it, for the rest of his or her life, while ensuring that it passes to your own children once your partner dies. You can make provision for a disabled relative who may not be able to manage their own money by leaving a gift in trust.
A discretionary trust is a type of trust which allows your chosen trustees to decide which of the beneficiaries you have named should benefit, when and by how much. You cannot choose when you die, but the trust allows your trustees to ensure that your family or friends benefit in a suitable way at a suitable time. You can leave a letter explaining to your trustees how you want them to administer the trust – for instance, you may want them to make it their priority to help all your grandchildren through university before dividing whatever is left between your children.
King Street Solicitors LLP opened its Pontefract office last week and we are celebrating the launch of the new office with a 50% discount on legal fees in October and 25% reduction in November and December. For more information and to take advantage of the firm’s reduced fees between October and December, please telephone and speak to me on 01924 332395