Can I Make Gifts Before I Die and What Are the Consequences?
We would all like to make gifts to our loved ones and often people would prefer to make such gifts during their lifetime, rather than after their death, so that they can witness the recipient’s enjoyment of receiving the gift.
Lifetime gifting can also be a very effective way of reducing the value of a person’s estate to mitigate the Inheritance Tax payable on their death. However, Inheritance Tax may still be payable after your death, on gifts made during your lifetime.
What is the Legal Definition of a Gift?
The following are all considered gifts:
- Household and personal goods;
- A house, land or buildings;
- Money;
- Stocks and shares;
- Money representing the difference between the market value of an asset and the value for which it was actually sold e.g. selling a house to a child for an undervalue.
Does it matter when I make the Gift?
Yes, timing is important. If you survive the making of a gift by 7 years, then it falls outside of your estate for Inheritance Tax purposes. In other words, the value of the gift is no longer considered part of your estate, on which your estate could pay Inheritance Tax. This is referred to as the “seven year rule” and the gift is a “potentially exempt transfer.” However, if you die within 7 years of making a gift and there is Inheritance Tax to pay (after all other available allowances have been applied), then the amount of Inheritance Tax payable by your estate will depend on the timing of the gift.
- Gifts made in the 3 years prior to death are taxed at 40%.
- Gifts made within 3 to 7 years prior to death are taxed on a sliding scale referred to as taper relief. Taper relief only applies if the total value of gifts made in the 7 years before death is over the Inheritance Tax free threshold of £325,000.
- 7 years or more 0%
- 6 to 7 years 8%
- 5 to 6 years 16%
- 4 to 5 years 24%
- 3 to 4 years 32%
- 3 years or less 40%
Why is it important who receives the gift?
Some gifts are exempt from Inheritance Tax, depending on who is the recipient of the gift.
Gifts made to Charities and political parties are exempt from Inheritance Tax. As too are gifts between spouses and civil partners, regardless of the amount or timing of the gift, provided they are a permanent UK resident. These are exempt beneficiaries and there is no limit as to how much can be gifted or when the gift can be made.
What if I make a gift but still benefit from the asset gifted?
If you give away an asset but retain the benefit from it, such as gifting your house to a child but continue to live there, then the value of the gift will be included in the value of your estate, on which Inheritance Tax may be liable. This is known as a “Gift with Reservation of Benefit”.
How much can I give away?
During our lifetime we can each give away a total of £3,000 of gifts each tax year to non-exempt beneficiaries, without paying Inheritance Tax. This is known as the “annual exemption”. In other words, those gifts are not added to the value of your estate when calculating the Inheritance Tax due. The gift does not have to be one gift to one person, it could be split between several people. The total gift/s must not exceed £3,000 to fall within the annual exemption.
Any unused annual exemption can be carried forward to the next tax year, but only for one year giving a maximum of £6,000 in that tax year.
Can I make small gifts?
You can give as many small gifts of up to £250 per person to as many people as you choose each tax year. You cannot give a gift or more than £250 and avoid paying Inheritance Tax on the first £250. Inheritance Tax would be payable on the whole amount. The small gift allowance cannot be used if you have used any other allowance on the same person.
Can I make regular gifts or payments?
You can make regular payments to another person free of Inheritance Tax, such as helping a child with their rent or mortgage, paying into savings account for another, financially supporting a relative etc, if the payments can be made from surplus income. These payments must not be made from savings. Such payments are exempt from Inheritance Tax as “normal expenditure out of income”. There is no limit as to how much you can give provided you can afford the payments after meeting your usual living costs and you make the payments from your regular monthly income.
Birthday and Christmas gifts and other customary gifts are exempt from Inheritance Tax if they are made from your regular income.
You can combine normal expenditure out of income with any other allowance, except the small gift allowance.
Can I make a wedding gift?
Each tax year you can give a gift to someone who is getting married or starting a civil partnership. The amount depends on your relationship to recipient. You can gift £5,000 to a child, £2,500 to a grandchild or great grandchild and £1,000 to any other person.
You can combine a wedding gift allowance with any other allowance, except the small gift allowance.
An interesting point to note is that if you make a wedding gift and the wedding is subsequently called off the gift would no longer be exempt from Inheritance Tax.
Who pays the Inheritance tax on gifts?
Inheritance Tax on gifts is usually paid by the estate, unless you have gifted more than £325,000 in the 7 years prior to your death. If you have gifted more than £325,000 in the 7 years prior to your death, the recipient of the gift will be liable for the Inheritance Tax due on it. This could cause a very unintentional problem for the recipient of the gift who may not have been aware at the time the gift was received that Inheritance Tax would become payable.
Should I keep records of gifts made in my lifetime?
Yes absolutely. When you pass away the Personal Representative/s will need to know about the gifts made in the seven years prior to your death to be able to apply any available exemptions, calculate any Inheritance due, report the gifts on the relevant Inheritance Tax Return (if necessary) and ensure the correct Inheritance Tax is paid (if applicable).
If you keep records so that the necessary information is available to the Personal Representatives, this could save the estate both time and costs in attempting to determine such gifts.
Another point to consider is that keeping records of the gifts you make will allow you to notify the recipient of the gift that Inheritance Tax may become payable on your death, if applicable.
Gifts you can make
Here is a summary of the gifts you can make without paying any Inheritance Tax (subject to them meeting the criteria set out above:
- Gifts within the annual exemption
- Small gifts
- Wedding gifts
- Gifts to a spouse or civil partner
- Gifts to charities and political parties
- Normal expenditure from income such as living costs.
Please be aware that all values and percentages quoted in this article are correct at the time of publication. Values and percentages are subject to change, therefore we recommend you discuss your personal circumstances with us in order to receive the most up to date advice.
Contact us
☎️ Call our Wakefield office on 01924 290 029
☎️ Call our Garforth office on 0113 246 4423
☎️ Call our Sherburn in Elmet office on 01977 350 500
☎️ Call our Ossett office on 01924 586 466
The content of this blog post is for information only and does not constitute formal legal advice and should not be relied upon as advice. Thornton Jones Solicitors Limited accepts no liability for any such reliance upon this content. Where the post includes links to external websites, Thornton Jones Solicitors Limited accepts no responsibility for the content of such sites. Any link to a third-party website should not be construed as endorsement by Thornton Jones Solicitors Limited of any content, products or services which are outside our direct control.
Who Can Make Decisions When Someone Has Lost Mental Capacity and There Is No Lasting Power of Attorney in Place?
When someone loses mental capacity it can be an upsetting and difficult time for family and friends. This can be made even more difficult if the person who has lost mental capacity doesn’t have a Lasting Power of Attorney in place meaning that there is nobody with the authority to care for the individuals finances or health and welfare decisions.
What is the Definition of Mental Capacity?
A Lasting Power of Attorney (known as an LPA) can only be put in place whilst a person has mental capacity. Mental capacity can be defined as ‘having the ability to understand information and make decisions about your life’. A loss of capacity may mean that a person’s ability to make decisions is affected. This could be due to a form of dementia, learning disability or brain injury and not always due to old age. The mental capacity of an individual can be assessed by a medical professional such as a doctor.
What is a Deputy?
In some cases, an individual may have lost capacity before they put a Lasting Power of Attorney in place. Read our blog 5 Reasons to Put a Lasting Power of Attorney in Place for more information. If an individual has lost mental capacity and they do not have a Lasting Power of Attorney in place, then it is possible to apply to the Court of Protection to be a deputy.
A deputy is usually a family member or someone who knows the person well. However, if there is no friend or family member who is suitable or willing to act as a deputy, the Court of Protection can appoint a professional deputy. In some cases, there may be more than one deputy appointed who can act together in the matter however they could be asked to act together and independently meaning they can do either. A deputy has the responsibility of making decisions on behalf of the person who lacks capacity.
The deputy must ensure they:
- Make sure the decision is in the best interest of that person
- Help the person to understand why this decision has been made
- Involve professionals such as doctors if required
The deputy must ensure they do not:
- Make a decision that benefits them and is not in the best interest of the persons welfare
- Make a Will for the person or amend their existing Will
- Hold money in their own name on behalf of the person
- Assume that a decision previously made is the best decision for everything
What is Property and Financial Affairs Deputyship?
This allows a person to make decisions relation to their money and property. They may need to manage their income and outgoings such as the receipt of any state benefits and ensure that bills and care fees are paid for. In some cases, a person may need to sell their property due to care requirements, the deputy would have the responsibility of managing this.
Furthermore, the deputy must use the assets under their control in a way which benefits the individual who lacks mental capacity and make decisions which is in their best interest.
What is Personal Welfare Deputyship?
This allows a person to make decisions regarding a person’s health and welfare. This could include day-to-day care including what a person wears, their diet or their social activities. Additionally, the deputy must consent to any medical treatment a person may need and ensure this decision is beneficial for that person. If the deputy is unsure, they may need to ask for advice from a different professional such as a consultant or doctor.
Contact us
☎️ Call our Wakefield office on 01924 290 029
☎️ Call our Garforth office on 0113 246 4423
☎️ Call our Sherburn in Elmet office on 01977 350 500
☎️ Call our Mapplewell office on 01226 339 009
☎️ Call our Ossett office on 01924 586 466
The content of this blog post is for information only and does not constitute formal legal advice and should not be relied upon as advice. Thornton Jones Solicitors Limited accepts no liability for any such reliance upon this content. Where the post includes links to external websites, Thornton Jones Solicitors Limited accepts no responsibility for the content of such sites. Any link to a third-party website should not be construed as endorsement by Thornton Jones Solicitors Limited of any content, products or services which are outside our direct control.
Can I Gift My Home To My Children?
As Private Client solicitors, one question we get asked repeatedly is whether you should gift your home to your children. This question usually stems from conversations in regard to inheritance tax and/or care home fees.
Gifting your home to your children can be a great way to reduce tax liabilities and safeguard your most precious asset, however it can be a complex transaction and it does not come without risks – both the practical, legal, and tax implications of any transaction of this type must be carefully considered before taking place.
What are The Tax Implications of Gifting My Home to My Children?
As a UK resident, you are entitled to your personal tax-free inheritance tax allowance of £325,000, also known as the ‘nil-rate band’. This figure takes into account your whole estate – which is any money, investments, the valuation of any property, the valuation of possessions, and the value of any gifts made in the 7 years before death. If the value of your estate is above the ‘nil-rate band’ of £325,000, inheritance tax is normally paid at a rate of 40%, however exemptions and reliefs can apply depending on your own personal circumstances.
Have You Given Any Gifts in the Last 7 Years?
As mentioned above, the value of any gifts made in the 7 years before death is taken into consideration when valuing the tax liabilities of the estate. Firstly, if you do gift your property and die within 7 years from the date of that gift, the gift will still be counted as part of your estate for inheritance tax purposes. If you survive the 7 years from the date of giving the gift, it will not be counted as part of your estate for inheritance tax purposes. However, many clients we speak to wish to gift their property on the condition that they remain living in the property for the rest of their lives. When you gift an asset but continue to benefit from it (e.g., live in the property), this is referred to as a ‘gift with reservation of benefit’ and has different tax rules. Should you gift your home to your children and continue to live in the home, when you die, the property is deemed to have never been gifted and remained in your estate and is therefore, taxed accordingly. To avoid this tax rule, you would have to leave your home forever (as if you had sold it) or pay your children full market rate rent for the duration of your residence – if this was the case, then the normal 7-year rule discussed above would apply.
What If You Are Placed In A Care Home?
If you are placed in a care home in the future, the local authority will do a means test to work out how much you must contribute towards the cost of your care. They will consider what is held in your savings and bank accounts and your property will be included in the means test at its present market value. Currently, if your capital is above £23,250, you are likely to have to pay your care fees in full. If your capital is under £23,250 you might get some help from the local council, but you may still need to contribute towards the fees.
Many clients we speak to wish to protect their biggest asset, their family home from being sold in order to fund care home fees later on in life and therefore qualify for care fee funding, however it is not always that simple. There are risks if you intentionally gift your assets away for the purpose of lowering the value of assets which will be included in a care home fees financial assessment. The local authority will likely view this as a deliberate deprivation of assets. If a local authority concludes that it was your intention to purposefully deprive yourself of your assets in order to get financial help with care fees, they can include these assets for assessment purposes and even in certain circumstances, reclaim the gifted asset as payment for any outstanding care fees.
What Are The Other Risks of Gifting My Home to My Children?
Other risks you might not have thought of include a breakdown in relationships. You may have a good relationship with your children at present day, however unfortunately no one knows the future and family relationships do break down. You are unable to put conditions on gifting. For example, you may agree with your children that you can live in the property until you die, however you have no legal right to stay in the property and could be evicted. Once you give your property away, it is irreversible and you cannot get it back – all decisions (including mortgaging, selling, or maintaining) are made by your children who are the legal owners and if the relationship breaks down, it may mean that your interests are not protected.
Furthermore, once the property is given to your children, it becomes their own asset, whether you are living in it or not. This means that the property may be caught up in their circumstances and therefore lost as a result of being sold to satisfy divorce or bankruptcy settlements, leaving you in a complete unprotected position. It does also mean that if your child predeceases you, the asset falls within their own estate meaning that it will pass either under your child’s Will or under the Rules of Intestacy if they died without a Will. This means that the property may pass to someone who you may not wish to inherit and who ultimately has legal control of the property. Again, although this is not always a problem, this may place you in an unprotected position as they would have the legal right to evict you from the property, leaving you homeless.
As with any decision, it is important to consider all the tax and practical implications before going ahead with any transaction. If after reading the above, you do wish to proceed or if you have any other questions or queries on gifting your property, please do contact us.
Contact us
☎️ Call our Wakefield office on 01924 290 029
☎️ Call our Garforth office on 0113 246 4423
☎️ Call our Sherburn in Elmet office on 01977 350 500
☎️ Call our Mapplewell office on 01226 339 009
☎️ Call our Ossett office on 01924 586 466
The content of this blog post is for information only and does not constitute formal legal advice and should not be relied upon as advice. Thornton Jones Solicitors Limited accepts no liability for any such reliance upon this content. Where the post includes links to external websites, Thornton Jones Solicitors Limited accepts no responsibility for the content of such sites. Any link to a third-party website should not be construed as endorsement by Thornton Jones Solicitors Limited of any content, products or services which are outside our direct control.
Do I need to register my Trust with HMRC?
Most trusts in the UK must be registered with HMRC’s Trust Registration Service, but certain trusts are exempt, such as those imposed by a court or created through legislation. Trustees are legally responsible for ensuring registration where required. Failing to do so can lead to penalties, so it is important to confirm your obligations with a solicitor or a tax adviser.
In this article we focus on the registration of non-taxable Trusts, which is a Trust that has no UK tax liability. Here we set out some key information in respect of registering a non-taxable Trust with HMRC. Trusts can be a tricky concept and so it is always encouraged to seek professional advice in respect of whether a specific Trust needs to be registered or not.
What is a non-taxable trust?
A non-taxable trust is a trust that does not currently incur any UK tax liability, such as Income Tax, Capital Gains Tax, Inheritance Tax, Stamp Duty Land Tax or Stamp Duty Reserve Tax. Non-taxable trusts often arise where the trust holds assets that do not generate taxable income or gains, or where the trust qualifies for an exemption under tax law.
What types of non-taxable Trusts need to be registered with HMRC?
Prior to a change in September 2021, only taxable Trusts were subject to registration, however, following a change in the HMRC rules, there is now a requirement for most non-taxable express Trusts to be registered too. An express Trust is a type of Trust which is created deliberately by the Settlor (the person who created the Trust) and there will usually be a document, such as a Deed, which creates the Trust. Express Trusts can be made either during the lifetime of the Settlor or they can be created on their death if their Will creates a Trust.
What types of Trusts are exempt from registration?
There are, however, some exceptions to the types of non-taxable express Trusts that need to be registered. Schedule 3A of The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 sets out specifically the types of Trust that are excluded from the registration requirements. It is important that you check to see whether the type of non-taxable Trust you are considering falls into any of the exclusions.
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How do I register a Trust as a trustee with HMRC?
Trusts need to be registered with HMRC using their online Trust Registration Service (TRS). The Trustees need to make an account to do this and then input and submit all of the information required. You should then be issued with a Unique Reference Number (URN) for the non-taxable Trust.
Once the Trust is set up on the TRS, the Trustees are then responsible for keeping the information on there up to date, as and when anything changes. It is important to remember that the responsibility to keep the TRS information up to date is an ongoing responsibility and should be done as part of the administration of the Trust.
Who is responsible for registering a Trust with HMRC?
In England and Wales, trustees are legally responsible for registering a trust with HMRC’s Trust Registration Service, unless the trust is exempt. They must register accurately and on time, and keep details updated to avoid penalties. As the rules can be complex, it’s important to seek expert legal advice to confirm whether registration is required and ensure full compliance.
Thornton Jones Solicitors advise that trustees should take these duties seriously to avoid costly penalties and protect beneficiaries’ interests. Early legal guidance can clarify obligations and help manage the registration process efficiently.
Contact our solicitors today for tailored advice on trust registration.
What is a Secret Trust?
Often thought to no longer be relevant in modern law, the archaic concept of secret trusts still exist in Wills today. This little known but fascinating topic does appear from time to time. The law concerning secret trusts is complex, but in the most simple terms, a secret trust is created when a person (known as a testator) makes a gift in a Will to one person but really intends that the person receiving that gift (the secret trustee) to hold that gift for another person instead (the beneficiary). A Blog by Liz Fyfe.
Does it matter when the non-taxable Trust was made?
- Non-taxable Trusts created on or before 06 October 2020 should have been registered on or before 01 September 2022.
- Non-taxable Trusts created after 06 October 2020 should be registered within 90 days of the Trust being created or it no longer being excluded under Schedule 3A mentioned above.
What happens if I do not register a Trust in time?
If a Trustee deliberately fails to register a Trust on time or fails to keep the Trust Registration Service information up to date, HMRC may impose a fixed penalty of up to £5,000. Before deciding to charge a penalty. HMRC will consider whether the failure was deliberate. As such, whether HMRC charge a penalty is considered on a case-by-case basis.
How can we help you register your trust with HMRC?
Thornton Jones can assist in dealing with the registration of Trusts on the Trust Registration Service on behalf of the Trustees. We are also able to provide Trustees with advice in respect of the ongoing administration of the Trust. If you do require any professional advice or assistance with all manner of Trust queries, then please do contact a member of the Team.
Registering a Trust with HMRC FAQs
A Trustee is a person who will manage the money or assets that have been appointed to another individual and will decide when and how the inheritance will be allocated to the beneficiary. The trustee must act in the best interests of the beneficiary or beneficiaries and follow the terms as they are laid out in the Will.
The settlor is the person who sets up the trust, who owns the trust and reserves the right to amend or revoke the trust. The settlor also specifies who will be the trustee, who should benefit from the trust assets, and under what circumstances.
An express trust, that is a trust that is intentionally made by the settlor, is any trust created deliberately by a settlor in express terms. The opposite of an express trust, in legal terms, is an implied trust, which is implied by the circumstances.
The settlor is the person who puts assets into a trust.
In England and Wales, most trusts must be registered with HM Revenue & Customs (HMRC) through the Trust Registration Service (TRS). As a trustee, you are legally responsible for ensuring the trust is registered if it meets the registration requirements. You will usually need to register a trust if it:
1. Is liable to pay UK tax, or
2. Is a UK express trust, or
3. Is a non-UK trust with certain UK connections (such as UK property ownership or income from the UK).
Steps to register a trust:
• Gather required information – This includes the trust’s name, date of creation, details of all trustees, settlors and beneficiaries, and any assets held by the trust.
• Create a Government Gateway account – You will need this to access the TRS online.
• Complete the TRS form – Provide all required details accurately.
• Submit the registration – Once complete, you will receive a unique reference number for the trust.
Deadlines vary depending on when the trust was created and whether it becomes liable for UK tax, so it is important to register promptly to avoid penalties.
If you are unsure whether your trust needs to be registered or you require assistance with the process, a solicitor experienced in trust law can provide tailored advice and manage the registration on your behalf.
How can we help you register your trust with HMRC?
Thornton Jones can assist in dealing with the registration of Trusts on the Trust Registration Service on behalf of the Trustees. We are also able to provide Trustees with advice in respect of the ongoing administration of the Trust. If you do require any professional advice or assistance with all manner of Trust queries, then please do contact a member of the Team.
The content of this blog post is for information only and does not constitute formal legal advice and should not be relied upon as advice. Thornton Jones Solicitors Limited accepts no liability for any such reliance upon this content. Where the post includes links to external websites, Thornton Jones Solicitors Limited accepts no responsibility for the content of such sites. Any link to a third party website should not be construed as endorsement by Thornton Jones Solicitors Limited of any content, products or services which are outside our direct control.
Legal Assistant In Lockdown
It’s really hard to write something when you are usually in the ‘background’ and doing what we do best in assisting the brilliant people we work for. I’m not one for putting myself in the public eye, I suffer (like a lot of people) with anxiety and depression, so I usually like to keep myself locked away far away from the public eye and do what I do best (if I don’t mind saying so myself) by keeping my head down and getting through the ever mounting list of dictation.
I’ve honestly found the last 3 weeks being working remotely at home quite alright. My happy place is my home and I’m lucky to feel that way. I am fine and dandy being here at home working away in the spare room until this week kicked in.
My happy place is my home and I’m lucky to feel that way
Crikey I’ve felt low, tearful, stressed out and under pressure this week. Everything has slowed down, backlogs at court, communications, return updates and it’s frustrating. It’s placing a huge amount of pressure on people’s lives and I get that (I am one of those people from a personal point too). This week has been a huge deal. My lovely partner has been at home fetching brews to me (and a wine at 5pm) instead of my lovely friend at work Michelle (she keeps me watered with brews on a proper level). I’ve missed Jess with her huge personality and upbeat work ethic and Janet who I’ve worked with for 18 years. You, Janet, showed me so much (I know when I left school I thought I knew everything) and I will always be grateful for your love, patience and affection to me and also to my family.
To those I haven’t mentioned specifically, it absolutely doesn’t mean you don’t matter – you do – more than you will ever know.
I salute you and you are all amazing and our heroes
I’ve watched the concert today that was aired last week and feel completely humbled. I have key workers in my family from my step-mum who works in a school to my sister who works in a care home and my mother in law who cleans at Pinderfields hospital. I salute you and you are all amazing and our heroes.
Myself and my partner were lucky enough to have a new nephew born recently and we were able to meet and cuddle him before all this happened. We bonded and I made sure he knew that auntie Stacey is the cool Aunt that doesn’t ‘do the nappies’ but will give the best cuddles ever. I felt he ‘understood’ and we ‘got’ each other. I miss him along with all of our babies that we can’t see. I miss you all massively. We had a new niece born 3 weeks ago and we haven’t been able to meet her yet. I can’t wait to get my hands on her and I bet she can’t wait either.
I’m doing the best thing I possibly can by staying at home and keeping working to try as much as possible to keep clients’ matters proceeding
I would love to do more for the community and have felt very much that I haven’t done very much or enough but then I realised that by staying at home (and my partner doing the essential shopping – for wine obvs.) that I’m doing the right thing. I’m doing the best thing I possibly can by staying at home and keeping working to try as much as possible to keep clients’ matters proceeding and try to keep making a difference in my own way and any way that I can – no matter how small.
I am trying – we are all trying in our own way! Stay safe, take care, and be patient! We can all do this if we do it together.
Contact us
Whatever your legal needs we are here to help. Whether you are buying or selling property, in need of Family Law advice, or perhaps you with to make a Will or update an existing Will, our solicitors in Yorkshire are here to guide you every step of the way.
The content of this blog post is for information only and does not constitute formal legal advice and should not be relied upon as advice. Thornton Jones Solicitors Limited accepts no liability for any such reliance upon this content. Where the post includes links to external websites, Thornton Jones Solicitors Limited accepts no responsibility for the content of such sites. Any link to a third-party website should not be construed as endorsement by Thornton Jones Solicitors Limited of any content, products or services which are outside our direct control.
Prince Died Four Years Ago and Left No Will.
Four years ago today the music legend Prince passed away. With a career earning him seven Grammy Awards, seven Brit Awards and a Golden Globe Award to name just a few you’d expect him to have an Estate worth a bob or two. But what happens if you die without a Will?
In fact it’s estimated his Estate was worth over $150 million and with posthumous releases of his work it’s likely to have grown in size. But guess what, despite such riches, Prince didn’t have a Will in place.
Why Should You Make A Will?
With no documented wishes, there ensured an onslaught of children, siblings, distant family members and ex-wives all trying to make claim to the Estate. What followed was reportedly a three year legal battle costing in excess of $45 million. That’s a lot of his Estate spent fighting, surely not something that Prince would have wanted to happen to nearly a quarter of his worth.
Making a Will often seems like just ‘one of those jobs’ and gets put on the back-burner to be dealt with when the more exciting things in life allow. And this is fine until it’s too late. Then what’s left behind is a family, potentially a feuding family, having to deal with an Estate whilst also grieving.
By taking the time to make a Will, you ensure that your wishes are honoured and your loved ones aren’t left to navigate a complex and costly legal battle. It’s a simple step that provides clarity, peace of mind, and, most importantly, avoids the stress and heartache of family disputes during an already difficult time. Don’t leave things to chance and make a Will today to protect both your legacy and the people you care about.
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How Long Does it Take To Make A Will?
All it takes is a couple of hours to document your wishes and make a Will. These couple of hours can save weeks, if not months, of anguish and upset and falling out not to mention the hefty price tag that comes with contesting a Will.
While it is possible to write a Will yourself, using a qualified solicitor ensures that your Will is legally sound, accurately reflects your wishes, and minimises the risk of disputes after your passing. A solicitor can provide expert advice on complex issues such as inheritance tax, trusts, or ensuring vulnerable beneficiaries are properly protected. They will also ensure your Will meets all legal requirements under the law of England and Wales, reducing the risk of it being challenged or deemed invalid. By seeking professional guidance, you can have peace of mind knowing that your Estate will be distributed exactly as you intend.
Having a Will in place ensures that your estate is distributed according to your wishes after your death. Without a valid Will, your estate will be divided according to the laws of intestacy, which may not reflect your preferences. This could lead to family disputes, unnecessary legal costs, and a prolonged probate process. A Will provides clarity and can prevent the emotional and financial strain on your loved ones during an already difficult time.
You can write your own Will, known as a ‘DIY Will’, but it’s important to ensure that it is legally valid and clearly outlines your wishes. If you choose to write your own, it must meet all the legal requirements, such as being signed and witnessed correctly. However, using a solicitor can provide peace of mind that the Will is valid and that you are not overlooking important aspects, especially if you have a complex estate or family situation.
If someone dies without a Will in England and Wales, their estate will be distributed according to the rules of intestacy. This means the government will decide who inherits your assets, which might not align with your wishes. In some cases, this could cause financial strain or family disputes, especially if you have dependents or stepchildren. It’s always best to make a Will to ensure that your assets go to the people you want and avoid unnecessary legal complications.
Already Have a Will? Why Is It Important to Update Your Will?
Making a Will is a crucial step in protecting your loved ones and ensuring your wishes are carried out, but it’s not a one-time task. Life changes like marriage, divorce, having children, acquiring new assets, or even changes in tax laws, can all impact the relevance and effectiveness of your Will. If your Will no longer reflects your current wishes or circumstances, it could lead to unintended consequences, including disputes among family members or assets being distributed in ways you no longer intend. Regularly reviewing and updating your Will ensures that it remains valid and aligned with your latest intentions.
How Do I Update My Existing Will?
Updating your Will is straightforward but must be done correctly to ensure its legal validity. In England and Wales, you can update your Will by:
- Creating a Codicil – A codicil is a legal document that makes minor amendments to an existing Will without needing to rewrite it entirely. However, it must be signed and witnessed in the same way as your original Will.
- Making a New Will – If your changes are significant, it’s often better to create a new Will that revokes the old one. This ensures clarity and avoids confusion over conflicting instructions.
To avoid mistakes or legal challenges, it’s always advisable to seek professional guidance from a solicitor when updating your Will. They can help ensure your amendments are properly recorded and legally binding, giving you complete peace of mind.
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Our advice is to make a Will. Click here to see our fees for making a will. With our will writing services in Yorkshire we will make sure that your wishes are heard when it comes to dealing with your estate when you die. If you wish to make a will or update an existing will then call us at any of our offices to discuss our needs and to make an appointment.
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