The prospect of making a Will can be very distressing for some. However we have many years’ of experience guiding our clients through the process. There are however a number of key decisions you need to make which are summarised below.
Once you have had a look at the following list click on the button "Start the Process" to complete our online Succession Planning Questionnaire which is the first step towards making a new Will.
If you would prefer to complete a paper questionnaire, we have loaded the form - please click to download and print it. Succession Planning Questionnaire. You can then return the form to us prior to, or at your first meeting with us.
- Lasting Powers of Attorney. As well as making a Will, it also essential that you think about what might happen to you and your finances if you lose your mental capacity. This is an ever-increasing problem which we can help you with. Please click here for further information.
- Inheritance Tax. Tax may of course be payable on death and we have a wealth of experience in finding the most efficient way to structure your Will to ensure you make the very best use of all available reliefs and exemptions. Please complete the asset schedule in the Questionnaire so we can look at your tax position.
- Care Fees. The issue of funding care fees has become a far greater issue in recent times and clients often wish to ensure their Wills make the best use of the structures available to help protect at least some of their family assets from being spent on care fees. Please discuss this with us if you would like to find out your options.
- Unmarried Couples. If you are an unmarried couple then it is essential you have Wills to ensure buying a home together then there are many issues you need to address to ensure your respective rights and interests are protected in case anything goes wrong. Click here to find out how we can help you.
- Executors. Who would like to handle the administration of your affairs when you have died? These are your Executors and it is vital you choose the right people depending on your circumstances. These can be family, friends, or professionals such as Whitehead Monckton.
- Guardians. If you have minor children then you must decide who is to look after them if both of you have died. These situations arise very rarely but provision must be made to protect your children’s interests.
- Gifts. If you wish to make specific gifts of assets or cash you obviously need to decide who is to receive what. If you have some general ideas but cannot make any specific decisions then please talk to us as we have a lot of experience helping clients to find solutions to these questions.
- Residue. You then to decide who is going to receive the bulk of your assets after all costs, debts, tax and specific gifts have been paid. This is your residuary estate. This can be carved in a myriad of ways so again please discuss your overall wishes with us and we will then help you find the best solution.
- Life Insurance. You should also consider whether you have the right amount of life cover to help your family pay bills such as mortgages or inheritance tax. Life insurance is essential to give you this protection and is surprisingly cheap. Click here to speak to an adviser.