Single Will

What does a Single Will do?

A single Will allows you to:

Name the beneficiaries of your estate when you die

To decide how you wish your estate to be divided

Name those who you would wish to look after your children who are still under the age of 18 when you die

Choose who you would wish to look after and protect any inheritance you are leaving to someone who is under 18 when you die

Give details of any specific items you wish to pass on

Choose who you wish to deal with administering your estate after you die

WHERE THERE IS NO WILL, OR ONLY A BASIC WILL IN PLACE, YOUR ASSETS ARE EXPOSED TO THE FOLLOWING RISKS ON YOUR DEATH:

Intestacy Rules

If you die without a Will in place in England or Wales, this is called dying Intestate. The Rules of Intestacy would then apply meaning that the law will decide who inherits your estate, for example, who gets your property, car, financial assets, your possessions and even your pets.

If you die with no Will and you have no living family members entitled under the Intestacy Rules then the Crown will get everything.

Divorce

If your children/chosen Beneficiaries are subject to Divorce proceedings then half of what you intended them to receive is at risk to Divorce settlements.

Inheritance Tax (IHT) & further Generational IHT

If your estate is above the current Nil Rate Band then Inheritance Tax will be payable on your death. The remaining estate is likely to be directed to the Beneficiaries. This then adds to their estate and could impact their own Inheritance Tax.

Creditors or Bankruptcy

Similarly, if any of your Beneficiaries are subject to Creditor Claims/Bankruptcy then the inherited estate is fully at risk.

Beneficiaries’ own future Care Costs

If the inheritance has been passed to your chosen Beneficiaries, these assets could later be assessed for their own Care Costs.

DURING YOUR LIFETIME THERE IS A FURTHER RISK TO THE ESTATE YOU WISHED YOUR LOVED ONES TO BENEFIT FROM:

Care Costs

Should you require Care then the whole estate including the family home would be assessed to pay for the cost of that Care.

There are solutions to these issues that our consultant will discuss with you so that you are able to protect and pass your estate where you choose, rather than have others decide for you.

To assist you in understanding what could happen to your estate, and how to mitigate this, our consultant will advise you of your choices in such things as Trusts, both those created by your Will and those created during your lifetime.