Guide to Wills and Estate Planning leaflet

							Guide to Wills

At Glaisyers Solicitors LLP we know the importance of a properly drafted Will. We
understand that your personal wealth and family circumstances are unique and that
your Will should be tailored to suit your needs.

This guide highlights the importance of making a Will and some of the issues you should
consider before we prepare a Will for you.

To discuss any of these issues in more detail please contact us.

Do I need a Will?

A Will gives you peace of mind and control over your assets.

If you die without a Will the Law, not you, decides what happens to your assets and they
might not be given to the people you would expect, or want, to receive them.

The amount your Husband, Wife or Civil Partner would be entitled to is limited by the
Intestacy rules and if you live together but are not married your surviving partner would
not be entitled to anything.

If you have children they will inherit at 18 and if your spouse or partner has not been
adequately provided for they may have to claim against your children for financial
provision.

Wouldn’t you prefer to be in control?

By making a Will
     You decide who would deal with passing on your assets and paying any final
       bills.
     You can nominate guardians to look after your children if you die before they
       are 18.
     You can make sure that the people you care about are provided for. If you’re
       not married your partner wouldn’t be entitled to anything unless you make a
       Will.
     You can make gifts to family and friends and decide how much they get
     You can take steps to minimise any tax that might be due on your death.

An out of date Will can be almost as bad as no Will at all. Circumstances change,
children are born, relationships break down or new ones form. All of these changes in
your life can affect your Will. If you made a will 20 years ago your wishes might be very


                                       The term partner is used to refer a member of the LLP.
         Glaisyers Solicitors LLP is a Limited Liability Partnership registered in England and Wales number OC334493.
    Registered office is at One St James’s Square, M2 6DN where a full list of members of the LLP is available for inspection.
                            Glaisyers Solicitors LLP is regulated by the Solicitors Regulation Authority.
                          We do not accept service of documents by email, fax or other electronic method.
               Longsight Office: 1st Floor, 601 Stockport Road, Longsight, Manchester. M13 0RX. 0161 224 3311.
different today but your Will wouldn’t reflect that. It’s important to review your will to
make sure it is up to date.

Inheritance tax planning

If your estate is worth more than £325,000 Inheritance tax may be charged on the
excess at 40%. It is possible to minimise the impact of Inheritance tax. We can help you
find the right solution to reduce your tax burden. The options include;

        Tax free Gifts to your Husband Wife or Civil Partner – leaving everything to each
         other means no Inheritance tax is due on the first person’s death
        Maximising the effectiveness of the Transferrable Nil Rate Band exemption – if
         you are the surviving spouse you can claim both allowances on your death. The
         availability of this exemption can be affected by your will
        Gifts to Charities – gifts to charity are tax free
        Lifetime gifts – giving assets away either in large gifts or small regular payments
         can reduce your taxable estate, but special rules apply and you should carefully
         consider the impact any gifts would have on your estate
        Lifetime tax planning – by creating lifetime trusts that work in conjunction with
         your Will you can create a flexible structure that will protect assets for the future
         and may achieve tax savings.

Family arrangements

No two families are the same, but your Will can be as flexible as necessary to suit you
and your family.

Second marriages or children from previous relationships can make it seem hard to
provide for everyone fairly. We can suggest options to make things run as smoothly as
possible after you’ve gone including using trusts to deal with the family home and
protect assets for different ‘sides of the family’.

If your children are under 18 you can appoint guardians to look after them. It is often
difficult to decide who the best choice of guardian would be, but even if you can’t
decide you should still make a Will so that they are provided for financially.

Asset protection
The prospect of your house being used for nursing home fees is a common cause for
concern. Unfortunately, many people need to contribute to the cost of their own care
and this may mean selling the family home, potentially exhausting any inheritance for
your children.



                                       The term partner is used to refer a member of the LLP.
         Glaisyers Solicitors LLP is a Limited Liability Partnership registered in England and Wales number OC334493.
    Registered office is at One St James’s Square, M2 6DN where a full list of members of the LLP is available for inspection.
                            Glaisyers Solicitors LLP is regulated by the Solicitors Regulation Authority.
                          We do not accept service of documents by email, fax or other electronic method.
               Longsight Office: 1st Floor, 601 Stockport Road, Longsight, Manchester. M13 0RX. 0161 224 3311.
Another common worry is that if the surviving spouse re-marries the deceased spouse’s
estate may effectively pass to the new spouse and not to the children of the first
marriage.

A carefully considered Will can include trusts on the first person’s death to allow the
surviving spouse to benefit from the estate, and continue to live in the house, but also
protect the capital for the intended beneficiaries. These arrangements can be very
flexible, and can enable the survivor to move house or downsize if they want to.

Trusts can also be used to protect assets if intended beneficiaries go through
matrimonial or financial problems. There can be special tax implications when creating
Trusts and we can help you weigh up these considerations.

Business protection

Although your family might be at the forefront of your mind when you think about your
Will, your business should also be a major consideration. Special Inheritance Tax
exemptions apply to businesses and agricultural property and these can be lost unless
your Will deals with these assets properly.

You may want to leave shares in your company, or the family business to members of
your family, but the company structure could demand something different. Working
with our Company Commercial department we can make sure that you understand how
your business would be affected by your death and how the business assets could be
passed on.


Points to consider when making your Will

Executors – You will need to appoint at least one executor to deal with the assets and
liabilities of your estate. You can appoint your spouse or children, friends or a
professional advisor such as your solicitor. An executor can be a beneficiary of your
estate.

Guardians – If you have children aged under 18 you can nominate Guardians to look
after them if you die.

Cash legacies – You can leave gifts of cash to individuals or charities

Specific gifts – You can make gifts of specific items that you own such as jewellery or
personal belongings.




                                       The term partner is used to refer a member of the LLP.
         Glaisyers Solicitors LLP is a Limited Liability Partnership registered in England and Wales number OC334493.
    Registered office is at One St James’s Square, M2 6DN where a full list of members of the LLP is available for inspection.
                            Glaisyers Solicitors LLP is regulated by the Solicitors Regulation Authority.
                          We do not accept service of documents by email, fax or other electronic method.
               Longsight Office: 1st Floor, 601 Stockport Road, Longsight, Manchester. M13 0RX. 0161 224 3311.
Residuary Beneficiaries – you can decide who will inherit the rest of your estate, you can
decide the age at which beneficiaries will inherit and plan for the contingency that they
might die before you.

Inheritance tax – Your Will can make efficient use of the various Inheritance Tax reliefs
and it is important to make sure that you use these reliefs in the most effective way.

Other services

When planning for the future you should consider making a Lasting Power of Attorney
to appoint someone to make decisions for you if you are incapacitated through
accident, injury or illness.

Making a Will isn’t the only way to plan for the future, structuring your estate during
lifetime through Estate Planning and using Trusts can help you protect assets for the
future and use your tax exemptions effectively

Contact

For more information please contact Chris Burrows

Glaisyers Solicitors LLP
One St James’s Square
Manchester
M20 6DN

0161 832 4666
cmb@glaisyers.com




                                       The term partner is used to refer a member of the LLP.
         Glaisyers Solicitors LLP is a Limited Liability Partnership registered in England and Wales number OC334493.
    Registered office is at One St James’s Square, M2 6DN where a full list of members of the LLP is available for inspection.
                            Glaisyers Solicitors LLP is regulated by the Solicitors Regulation Authority.
                          We do not accept service of documents by email, fax or other electronic method.
               Longsight Office: 1st Floor, 601 Stockport Road, Longsight, Manchester. M13 0RX. 0161 224 3311.