Getting your affairs in order.
Frequently asked questions
Q. What will happen if I do not have a Will in place when I die?
A. If you die without making a Will, then the Law decides how your estate is divided on your death. This is known as the Rules of Intestacy. This may result in your partner or your children receiving nothing or less than you intended or your estate passing to distant relatives that are not even in your life.
Remember, if you are not married or in a civil partnership, then your partner will not automatically inherit your estate.
If you want to protect the ones that you love, we strongly advise that you prioritise making your Will.
Q. How can I protect my family and friends and ensure that may wishes are granted?
A. Having a legally valid Will in place will not only give you the peace of mind to know that your affairs are in order, but it will also ensure that your estate is passed on to those that you hold dear in the event of your death.
Q. What should I think about when planning what to put in my Will?
A. Liverpool Legal have years of experience in helping clients to write their Will. We understand that everyone’s situation is different, and we will tailor the service to you, so that it is appropriate to your individual circumstances.
You should write a list of the assets that belong to you now, you may own a property or have savings or sentimental objects that you may wish to bequeath to your loved ones.
Think about who you would like to benefit from your assets, it could be your spouse, partner, children, step- children, grandchildren, friend or charity or somebody else.
Q. I just want to leave my estate to my spouse or civil partner and a gift to my children.
A. If you wish to leave your estate to your spouse or civil partner with a substitutional gift to your children. Liverpool Legal Services can act for both you and your spouse or civil partner and can produce simple Mirror Wills in which your respective estates pass from one partner to the other and allow you to leave substitutional gifts to your children.
Q. I own a property jointly with my spouse or civil partner and I want to try and make sure there is something left for my children upon my death.
A. Perhaps you and your spouse or civil partner own property jointly and have other assets or you may have concerns about the possibility of care home fees reducing the value of your estate for your children. A Life Interest Trust of the family home can be created for both you and your partner.
The spousal exemption for IHT applies to this type of Will and can potentially allow your share in the property to pass to your children without surrendering your part of the estate should your partner require care later.
Q. I want my ringfence my share of a property, so that my share of the property reverts to children or grandchildren upon my death, but my partner can still live in it until their death.
A. You may wish to ring fence your share of a jointly owned property and provide a life interest for your spouse or civil partner to live at the property until death and then your share of the property reverts to your children.
Q. We are in our second marriage and have a blended family that consists of children and stepchildren. Can Liverpool Legal help us to set out our wishes in a Will.
A. We understand that everyone’s situation is different, and we will tailor the service to you, so that it is appropriate to your individual circumstances.
Complex family situations are now more common and if the value of your estate is taxable for Inheritance Tax (IHT) or you have substantial assets more complex and bespoke Will provisions may be needed.
Again, you may wish to ring fence your share of a jointly owned property and provide a life interest for your spouse or civil partner to live at the property until death and then your share of the property reverts to your children.
Speaking about his top tips for writing a Will, the head of Wills, Trusts and Probate department Colin Wooldridge at Liverpool Legal commented:
It is vital to have a legally binding Will that has been drafted by a qualified and experienced solicitor. Here are my top tips for anybody considering making a Will.
Do you have a trusted family members or friends that you would like to take the lead in dealing with your affairs upon your death. Please do not worry if not as Liverpool Legal can appoint an Executor [a solicitor] from the practice to undertake this duty for you.
Make a list of what you would like to happen when you die, think about what you own and who you want to benefit upon your death. Your spouse, civil partner, children, grandchildren, friend, neighbour or even a charity. Do you have children that depend on you, a vulnerable adult that would require care or a pet that would need to be rehomed upon your death. Add this information to your list, along with their addresses and telephone number or email address if you know them and bring it along to your appointment.
Consider what assets, you have, do you have any property or savings or investments, an ongoing private pension, a current life insurance policy or any sentimental objects such as jewellery or art that you would like to bequeath to a particular person or charity. Add this information to your list and bring it to your appointment.
If you have savings, investments, a private pension, or lifetime insurance policy, try to find any paperwork from the provider that you may have that shows the policy details and value. This will help your solicitor to work out the position with regards to the value of your estate and whether it would be subject to Inheritance Tax or not and advise you accordingly. Bring the documents to your appointment if you can find them.
Consider if you would like to add a letter of wishes to your will, this can specify how you would envisage that your Executor will plan your funeral and any preferences with regards to hymns, prayers, flowers. You may also wish to leave a note for a loved one to be opened upon your death.
Above all, we do not want you to worry and stress out over making your Will. Liverpool Legal are ready and willing to help you figure out the best way to write your Will so that everybody that you want to benefit does. We will only have your best interests at heart and will advise you accordingly.
|Simple Will for one person||£120.00 & vat|
|Mirror Wills for two people||£250.00 & vat|
|Life Interest Will of family home including costs of severance||£400.00 & vat and disbursements|
|Life Interest Will of whole estate including costs of severance||£500 & vat and disbursements|
|Discretionary Trust for Vulnerable Dependents||Price on application.|
|Other Trusts||Price on application.|
Whilst we provide general tax advice based on information you provide to us in respect of your estate, we advise that you obtain specific tax advice from your Independent Financial Adviser or Accountant as to the most tax efficient structure for your estate before instructing on any specialist Will including trust provisions.