Having a legally valid Will in place gives peace of mind and ensures that your estate is passed on to those you intend to benefit directly on your death.
Perhaps you wish to make financial gifts to grandchildren or leave part of your estate to a registered Charity, this can be done by making a Will. The financial cost of making a Will is insignificant in comparison to the knowledge that you can protect those that you love and hold dear.
Simple Will - £120 plus VAT
Mirror Wills – £200 plus VAT for both
If you do not make a Will before your death
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. 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 prioritise making your Will.
Planning for the future.
Simple Will - £120 plus VAT
Mirror Wills – £200 plus VAT for both
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.
Life Interest Will of family home including costs of severance – £400 plus VAT plus disbursements.
Life Interest Will of whole estate including costs of severance – £500 plus VAT plus disbursements.
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.
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.
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.
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. This type of Will Trust requires that your property is held jointly as tenants in common, requiring notice of severance being served on the co-owner, and applying to the Land Registry to enter a restriction on the property title.
Discretionary Trust Will or other Will Trust – £POA
A Discretionary Will Trust may be required where you have a diverse group of potential beneficiaries to consider making provision for after your death, perhaps you have children from both a previous relationship and your current relationship and need to balance their needs and make future provision for them or perhaps you need to consider the needs of other vulnerable family members with special needs that need to be considered long into the future.
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.
Simple Will – £120 plus VAT
Mirror Wills – £200 plus VAT for both
Life Interest Will of family home including costs of severance – £400 plus VAT plus disbursements
Life Interest Will of whole estate including costs of severance – £500 plus VAT plus disbursements
Discretionary Trust Will or other Will Trust – £POA