What To Expect When Making A Will With GA Solicitors
Making a will is one of the most important things you can do in your lifetime to ensure your assets (including money, property and possessions) are distributed according to your wishes after your death. As a will has significant implications for the future and for your loved ones, the process of making one can feel daunting.
With this in mind, we have put together this short guide explaining what to expect when making a will, so that you know what the process will involve and what you can expect from a Will appointment with one of our expert solicitors in Plymouth.
Do I Need A Solicitor To Make a Will?
While it is possible to undergo the process of making a will without professional guidance, it is always recommended that you get suitable legal advice to ensure that your will is legally valid and correctly reflects your wishes. A qualified will solicitor can also help you consider important matters such as inheritance tax and potential claims against your estate.
At GA Solicitors, our expert wills, trusts and probate team can help you make sure that all parts of your will are in safe hands. Our solicitors in Plymouth offer clear and trusted advice, which begins with a will appointment designed to help us understand your wishes and intentions.
How To Prepare For A Will Appointment
Before the will appointment, it’s helpful for you to have an idea of your assets and liabilities. This includes the rough value of any property you own at market value.
If you have an existing will, it is helpful if you bring a copy to the appointment and any identification documents you may have, such as a passport or driving licence.
If you are widowed, it can be helpful to have information about your pre-deceased spouse’s estate and will as this will have an impact on the assessment of inheritance tax allowances in your own estate.
What Happens At A Will Appointment?
At the appointment, our solicitors in Plymouth will discuss your family circumstances and background, including details of your loved ones and any dependants you may have.
Although it can be an uncomfortable subject, many people have estranged family members. It’s important to discuss this with your solicitor, who can advise on the best way to approach this.
We can look at steps to take if there is the potential that a disappointed potential beneficiary may wish to make a claim on your estate. This is often a statement in support of your decision not to make provision for a specified person. Although it cannot prevent a claim being brought, it can serve as useful evidence as to why you made your decisions if a claim should arise.
Inheritance Tax, Trust & Pension Considerations When Making A Will
When making a will, we will then look at your assets and liabilities, including any gifts you may have made in the last seven years, as this may be added to your estate when calculating any inheritance tax liability.
We will also discuss any business and or agricultural assets and explore the option of incorporating a discretionary trust within your will. These types of arrangements can be utilised to secure and maximise the available tax relief. Your solicitor may also work with an accountant and a specialist in company law to help you plan your estate with these assets in mind.
You may wish to discuss the option of a life interest trust in your will so you can provide for a loved one to live in and enjoy use of your property, but ringfence the capital in this for your ultimate beneficiary. This is useful in estates where a couple have their own children from earlier relationships and wish to make sure their own children ultimately inherit the assets whilst still taking into consideration their loved ones’ needs. If your property is jointly owned, we will often need to prepare documents for the Land Registry to make sure your property is owned in a way which gives effect to your wishes.
We will discuss any pensions and life policies and how these impact on the estate. We recommend that you ensure any nominated beneficiary under your policy is up to date with the provider. This is particularly important if your family circumstances have changed.
Assessing Capacity When Making A Will
During the meeting, we will consider any issues that may affect your capacity to understand and make decisions about your estate and finances. If you have any concerns or health issues, it is best to discuss this at the outset, and we can look at obtaining a medical report, which can provide evidence of capacity when making your Will.
Once we have a full picture of your estate and family, we can then discuss the inheritance tax provisions and how this applies to your estate. We will explain whether, under the current regime, an inheritance tax liability would arise and whether you may benefit from additional tax planning with independent financial advisors and accountants.
Taking Instructions For The Will
Once your solicitor has a clear picture of your family circumstances and financial situation, we will then take your Will instructions on how you would like to distribute your estate.
Key decisions to make when making a will will include:
- Who would you like to act as your executor/s?
- Any specific gifts you would like to make?
- Whether you have any personal possessions that have particular sentimental value or that you wish to gift to a specific beneficiary.
- Whether you wish to gift specific sums of money and the impact of this on the main gift of your estate.
We then look at the key provisions in your will as to how you would like to distribute the main part of your estate. We call this your residuary estate, which is your net estate after distribution of your earlier gifts, debts and taxes.
You may wish to plan for a substitutionary beneficiary if your first chosen beneficiaries are not around to inherit. We will then look at the final clauses in your Will and how they operate.
Drafting & Signing Your Will
Once we have your instructions, our will solicitors in Plymouth will prepare the draft Will for your approval. If there is a particular urgency for your Will, please let us know at the outset, and we can try to accommodate your needs.
When you are happy with your draft will, we recommend attending the offices to sign and witness your Will. If you attend as a couple, it is useful to meet with you each independently for the signing appointment. This is often done sequentially, and you can enjoy a coffee whilst you wait!
For more information, or to book an appointment to make a will with myself or a member of our expert team, please call today on 01752 203500 or email me directly via michelle.crump@GAsolicitors.com and I will be happy to help.
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