Unless you make a Will you cannot control who is to administer your estate or who is to benefit from it. It is also useful for naming guardians for your children and for tax planning.
If you are happily married or in a civil partnership it is better if you make your Wills together, particularly if they are to be in similar form (“Mirror Wills”).
Wills are particularly important for unmarried couples or couples who have not entered into a civil partnership. They are also important for avoiding the effect of the intestacy rules which otherwise control the passing of certain assets on your death.
For example, without a Will the capital a surviving spouse or civil partner may receive is subject to a limit where the deceased spouse or civil partner dies leaving children (the so-called statutory legacy). Joint tenancies avoid this problem: ask us if a joint tenancy applies to you.
For more in-depth guidance on the intestacy rules please contact one of our Solicitors for an appointment to discuss on 020 8651 3118.
In October 2007 it ceased to be possible to make a new Enduring Power of Attorney (EPA) and in its place came the Lasting Power of Attorney. Let us advise on the new regime applicable to Lasting Powers of Attorney and prepare one for you. It is now possible to appoint someone not just to adminster one’s property during their lifetime but also to appoint them to have a say in important welfare decisions relating to matters such as medical treatment.
We can also advise your Attorney on the exercise of their powers. If you are a donor or an attorney under an Enduring Power of Attorney made before 1st October 2007 let us also advise you on the regime applicable to Enduring Powers of Attorney. For more information about Powers of Attorney generally including EPAs and LPAs.
The Law is complex and for initial guidance on this most important area in regard to who benefits, how the tax works, and how these interact, why not have a free, no obligation, initial interview to discuss Will making generally with one of our Solicitors?
We recommend that you review your Wills after every budget and budgetary review and after every change in your circumstances or even those of your loved ones to ensure that your Will is in accordance with your wishes and is optimised to suit the needs of your loved ones.
The cost of a single Will starts at £200 plus vat of £40 for a basic one and for mirror image Wills the starting cost is £350 plus vat of £70 for a pair of basic ones. The first interview is given free of charge so that an accurate quote can be given based on the actual requirements for approval.