Before making a Will there are many things that you should consider. Here’s a quick look at some things you may wish to consider and include in your Will:
##Protection of Assets:
Through the use of the creation of Trust in your Will, you can essentially reduce Inheritance Tax and Residential care fees that would have to be paid by your estate. At Adel Jibs & Co Solicitors we will attempt to mitigate the above circumstances, leaving your loved one with more to share.
You may feel that your children are too young to inherit a large amount of money, in that case, you can use your Will to create a trust and Trustee to look after the inheritance until the age you feel would be appropriate for the inheritance to go to your children.
Every Will is different, as such, it is important that you discuss your requirement with a solicitor. Our Will writing service in London can take on your matter.
##Specific Legacies:
If there are certain items that you want to leave to particular people you can use your Will to do this.
Making a gift to charity, known as leaving a charitable legacy, can be done in one of three ways:
- by leaving a specific sum of money (a pecuniary legacy);
- by leaving specific items, such as property, furniture or jewellery (a specific legacy); or
- by leaving some or all of what is left after the payment of funeral expenses, any debts you owed at the time of your death and any other specific gifts you wish to make (a residuary legacy).
You will need to decide what sort of legacy you would like to leave, the amount you would like to give and how you want to leave it.
Depending on the value of your estate, there may also be tax considerations that need to be considered.
The general rule is that gifts to charities are exempt from payment of inheritance tax and if you leave more than ten percent of your estate to charity, the rate at which inheritance tax must be paid on the remainder of your estate will be reduced.
##Executors
You can choose who will be the Executors of your Will. You can choose any number and they can be family members, friends or even professionals.
Your Executors are responsible for gathering all of your assets and distributing them in accordance with your wishes and are responsible for organising your funeral.
##Funeral Wishes
You can use your Will to specify whether you wish to be buried or cremated. This will be very important for Executors who are perhaps not aware of your wishes.
##For an easy and hassle-free way to make a will consider our Will Writing Solicitors Today.
Please call Adel Jibs & Co Solicitors on 02034173859 Or email info@adeljibs.co.uk to see how we can help you today.
Once received, your details will be passed to one of the Contentious Probate solicitors who deal with contentious probate cases in Enfield, and across London.
