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Will Writing Professionals

It may seem cheaper to engage a will-writing company than go to a solicitor. But this could prove more expensive in the long run, as there are many hidden costs lurking in the small print. Some companies are not even trained or qualified, which can lead to added distress for bereaved relatives, if they get it wrong.

It is best to get the professionals involved. Apart from giving you peace of mind, they can even save you money by advising on how you can take advantage of tax savings appropriate to your circumstances. For example, if your estate is valued at more than the nil rate band in any tax year - currently standing at £325,000 for 2011 - inheritance tax will be payable at 40%. However, Battens’ team of specialist solicitors can help explain about the whole range of tax savings, such as married couples being able to utilise two nil rate bands on the death of the survivor, if they leave everything to each other.

It is quite common for married couples not to make a will, and just automatically assume their assets will go to their spouse or children. But this is not necessarily the case, so it is a good idea to make a will, if you want to spare your relatives a complex legal dispute, after you have passed away and ensure that the people you want to benefit do so.

It's never too early to start thinking about it! You don't have to be old to make a will. In fact, you should call a solicitor as soon as you have children, or own a property. You can then appoint testamentary guardians to look after your children in the event of your death. This is important as you can specify who you would wish to look after your children and safeguard their future, for example if grandparents are too infirm to act as guardians of young children.

A will can protect any asset and make sure that any particular possession is bequeathed to your chosen beneficiaries. You don’t have to specify what happens to the rest of your assets, these would pass as what is called the residue, to either named persons, or a charity, if you do not have family members, or a combination of both.

For more information about estate and tax planning using wills, trusts and lifetime giving, call Naomi Dyer in confidence at Battens Solicitors on 01935 811307.

Created: 28 September 2011