Wills & Trusts
Just a guess… if you’ve thought about making a Will before but haven’t done it, you’ve probably said one of the following:
‘It’s too expensive’
‘Everything I own will automatically go to my spouse or children’
‘None of my possessions are significant enough for a Will’
...These are common misconceptions – leaving things to chance is the worst thing you can do.
Around 60% of people in the UK have not made a Will, risking their possessions, money, property and dependant children being left to someone they have not chosen.
Your Will sets out what you would want to happen to your possessions, money and property (your ‘estate’) when you pass away. If you die without a Will, the law decides what happens to your estate, and this may not be what you would have wanted.
Additionally, making a Will can reduce the amount of Inheritance Tax (IHT) your family will have to pay on your estate.
At the very least, making a Will makes a difficult time for your family much easier and less stressful. They will know exactly what your final wishes are and where to find them.
Our dedicated Will solicitors can advise you on the best course of action when writing your Will.
People often say that they haven’t done their Will yet because they think it should be left until they’re older.
However, Claire Chapman of Wosskow Brown's Property Department said: “as soon as you buy a house, you should write your Will.”
Get in touch with our Wills solicitors in Sheffield and Barnsley
Contact our friendly, expert Wills solicitors in Sheffield and Barnsley for all the help you need to make your Will.
We have local offices across Sheffield on Attercliffe Road and in Gleadless and Hillsborough, plus an office in Barnsley.
Give us a call at your nearest branch or fill in our online enquiry form and we’ll give you a call back as soon as possible.
How our Wills and trusts solicitors in Sheffield and Barnsley can help
We support people across Sheffield, Barnsley and the wider South Yorkshire area make their Will and get their final affairs in order. We also advise on a wide range of other lifetime planning matters. Our expertise includes:
- Single and mirror Wills
- Property protection Wills
- Business Owner’s Wills
- Lifetime trusts
- Long-term care issues
- Resolving estate matters after death
- Free and secure storage
- Powers of attorney
- Court of Protection applications
Making a Will
Here are a few things we can help you use your Will to achieve:
- Pass on your money and property to your loved ones.
- Create family estate plans – for example, you may want your spouse to inherit everything and then everything to go to your children, in which case making a pair of mirror Wills may be right for you.
- Provide for dependants who cannot inherit if you don’t leave a Will, such as unmarried partners and stepchildren.
- Appoint guardians for your minor children in case you die before they turn 18.
- Create trusts to manage how your money and property is inherited and used – for example, a trust can protect large amounts of inheritance from financially irresponsible loved ones while still supporting them.
- Create trusts to set aside assets for children and vulnerable adults.
- Set out your funeral wishes.
- Safeguard your family home so your children can inherit your share even if your partner needs to move to a care home after you die.
- Appoint people you trust to be your executors, so you know your money and property is in safe hands after you die.
- Avoid family disputes after you die because your wishes are set out clearly and there can be no disagreement or confusion over who should inherit what.
Read more about why you should make a Will here.
We can help you update your Will throughout your life, storing it for free in the meantime. We can also provide advice about the impact of certain life events on your Will and what you need to do.
For example, getting divorced means that your ex-partner is treated as if they had died under your Will (morbid, but true). You will need to update your Will to amend what you want to happen after you die in light of your divorce. We appreciate this can be hard to wrap your head around, so we can provide all the advice you need to make confident decisions.
When should you update your Will?
The following are some key life events which could affect your estate plans and mean you need to change or update your Will:
- Buying a home
- Getting married or entering into a civil partnership
- Getting divorced or dissolving your civil partnership
- Starting a new relationship after divorce or dissolution
- Having a child or grandchild
- The death of a beneficiary or executor
- Being diagnosed with an illness or having a serious accident
- A loved one being diagnosed with an illness or having a serious accident
In any event you should review your Will every five years or so to make sure that it still reflects your wishes. Wills which have been updated regularly and purposefully over the years are much more resistant to legal challenge after you die.
Read more about updating your Will here.
Wills for Business Owners
If you’re a business owner, you will want to consider the business side of things too and write a Business Owner’s Will. You will need to consider who you want your business shares or interests to go to after you die, and who you would like to be the successor to your role in the business (succession planning).
The same applies for small business owners too, as the income from this business may be the main source of income for your family. Therefore, setting out what shall happen with the business and its income in your Will is extremely important as your family could be dependant on this.
Trusts
A trust is a legal entity for holding, managing and protecting assets (such as money and property) for someone’s benefit. The trust assets are transferring into the legal ownership of between two and four trustees who hold them on behalf of your chosen beneficiaries. The trustees can only use the assets for the benefit of the beneficiaries.
Trusts can be set up for all sorts of purposes, such as to put aside money for a child who cannot look after their own money until they turn 18, or to provide for unknown beneficiaries, such as future grandchildren.
There is also a type of trust called a Lifetime Property Protection Trust (LPPT). Its purpose is to protect the family home from claims by third parties.
The family home can be transferred to a trust by the owner (the settlor). The settlor retains a life interest in it. Upon the death of the settlor, the family home is held on discretionary trusts for the beneficiaries, which are usually the children of the settlor.
There are several benefits of setting up a Lifetime Property Protection Trust:
- Saves probate costs – the trustees can sell your home upon your death without any need for probate.
- The trust can protect the value of your house for the next generation, even if you or your partner need to move to a care home and pay for care fees during your lifetime.
- Anything put in a lifetime trust can have discretionary rules which set out when assets are to be passed on to children, for example, as they may not be in a good position to inherit such property or other assets.
There is also such thing as a Business Trust, which is of great importance if you’re a business owner and takes advantage of Inheritance Tax reliefs.
Should I use a solicitor to write my Will?
You can probably guess our answer to this one – yes.
Technically you can make a Will without talking to a solicitor, but it’s not advisable. Your Will must fulfil strict legal criteria, or it can be challenged and even disregarded after you die.
Many legal cases have arisen because family members disagree about the validity or interpretation of the Will – disputes could cover anything, from whether the Will was signed properly to whether you were of sound mind when you wrote it.
These kinds of legal cases can become very long and expensive. Relatives are often prepared to fight it out to the bitter end, permanently damaging once close relationships.
Using a solicitor to write your Will ensures that:
- Your wishes are recorded exactly how you want them to be (no room for confusion or misunderstandings after you’re gone).
- Your Will is executed properly with no mistakes that would make it invalid.
- All your assets are provided for, and nothing is missed out.
- You can make complex arrangements to adequately protect your family, such as setting up trusts for vulnerable family members and children.
It can help you avoid all sorts of common mistakes and issues, including:
- Not realising that big life changes, such as marriage, civil partnership, divorce and dissolution could affect the validity of your Will.
- Changing your Will or making additions without executing the document properly.
- Disinheriting people who depend on you, resulting in an inheritance claim after you die.
- Not structuring your estate tax-efficiently, meaning your loved ones have to pay more Inheritance Tax after you die.
Should you write a Will when buying a home?
Yes – you’re acquiring a high value asset, so it doesn’t matter how young you are, making a Will is the best way to protect your property interests and make sure they’re passed on according to your wishes when you die.
Read more about making a Will when buying a home here.
Can a Will help you plan for care fees?
Yes, making a Will and setting up trusts can help you protect money and property for the next generation. Lifetime Trusts can even help if you need care during your lifetime.
Read more about care fee planning here.
Get in touch with our Wills solicitors in Sheffield and Barnsley
Contact our friendly, expert Wills solicitors in Sheffield and Barnsley for all the help you need to make your Will.
We have local offices across Sheffield on Attercliffe Road and in Gleadless and Hillsborough, plus an office in Barnsley.
Give us a call at your nearest branch or fill in our online enquiry form and we’ll give you a call back as soon as possible.
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