Wills & Trusts

Seek professional advice when you make or change your Wills or Trusts


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Pennine Law understands how easy it is to put off making a Will. We also know the consequences of failing to make a Will before it is too late. It is essential to make a Will if you want to avoid 'dying intestate', as the law intervenes and determines who is entitled to what – basically your possessions and property could be distributed contrary to your wishes. For peace of mind you are urged to make a Will as soon as possible.

Making a Will ensures your 'estate' will be dealt with by those you nominate as Executors and your wealth however small goes to the people you wish after death.

Did you know? Generally people assume:

  • only the wealthy or very old people make a will;
  • that it is expensive to make a will;
  • it only needs to be done once in a lifetime;
  • it's just as easy to buy a will form off the shelf and do it yourself
  • Unmarried couples automatically inherit from each other.

Did you know? The reality is:

  • Even if you are close to your family and you think they know your wishes a will is the only way of being sure that your wishes are carried out when you die.
  • Everyone over 18 whether single, married divorced or living with a partner everyone should make a will.
  • When one half of a married couple dies the rules regarding division of the estate is affected by the existence of children but making a Will takes precedence over all the set regulations?
  • Without a will any money or property you own may not go to your partner. Without a will you cannot leave a gift to charity.
  • Without a Will you cannot leave a gift to charity.
  • You should review your will regularly as your means and wishes do change.
  • Marriage revokes any will you have made
  • Drawing up a will can be very complicated and needs thorough knowledge of the law relating to property, tax, families and importantly inheritance tax.
  • Making a Will helps you avoiding inheritance tax? Pennine Law will help you reduce or negate any inheritance tax liability which in turn could avoid surviving partners being forced to sell off their assets to pay the tax off.
  • Unmarried couples cannot inherit from each other and do not automatically become Executors without a Will.
  • Home made wills can cause many problems if not done properly. Solicitors very often become involved in sorting out problems where people haven't made a will or had one drawn up badly? The cost of making a Will is a lot cheaper than having to go through the courts to sort things out or having to prove a badly drawn up 'home made Will'. It's a lot less hassle.

Pennine Law are experts on writing Wills particularly when sharing a property with someone who is not your husband, wife or partner. If you're major asset is a business it is vital you consult us for advice. The important of making a Will cannot be overstressed. Each Will is tailor-made taking into account your personal circumstances, the possible tax implications and in particular inheritance tax.

You will need to decide who the beneficiaries of your estate will be and who should look after any children under the age of 18. You will also have to decide who will be given the job of being executor of your Will. Executors have a huge responsibility and Pennine Law are a most reliable option.

Trusts

You may need to create a trust for:

  • Children may be too young to inherit
  • To ensure a current dependent is provided for should they be handicapped or need special care and incapable of looking after their affairs after your death
  • To ensure your affairs are taken care of if you lose mental capacity and avoid government agencies taking over your assets

There are different types of trust

Life Interest Trusts

Did you know? A Lifetime Interest Trust can protect part of your home from residential care home fees. This type of Trust is often used in Wills where the person making the Will wishes to provide for a spouse of a second marriage to receive income from an asset or property whilst preserving the actual asset or property for the benefit of someone else at a later date. The second spouse would then be able to remain living in the home on the basis that the house is passed to the children of the first marriage on death of the second spouse.

Trusts for Minors

Did you know? You can leave assets in trust for children who are too young. This type of trust may be created for the benefit of children who are too young to own assets themselves.

Discretationary Trusts

Did you know? If you do not know what the future needs of your family members may be you can create a Discretionary Trust and delegate a Trustee to have maximum flexibility for decisions to be made at a later date. This type of trust is also beneficial when a beneficiary may not be able to manage their own financial affairs.


+ Click Here for Wills & Trusts Jargon Buster Fact Sheet


Wills, Trusts, Probate, Inheritance Tax and Elderly Client

Administrators

If you do not leave a Will, Administrators are people appointed to sort out your affairs according to the law.

Beneficiary

An individual or organization eg a charity who is left something in a Will. An Executor can be a beneficiary but they must not witness a Will or the gift will fail.

Codicil

A minor change or addition to an existing Will

Chattels

Your furniture car and personal possessions

Estate

Everything you own including money and property that are left when you die after all debts have been taken into account.

Executor(s)

People who are responsible for the winding up of someone's affairs and distribution property in according with a Will.

Inheritance Tax

A tax which must be paid to HM Revenue & Customs when the value of a total Estate exceeds a certain amount.

Intestate and Intestacy

If you die without leaving a valid Will you die intestate and law decides who your possessions should be share out.

Legacy

A specific sum or item left in a Will

Power of Attorney

A legal document in which one person gives another person power to carry out actions on their behalf.

Probate (Grant of Probate)

The legal procedure to establish the title of Executors to administer an estate. Without the Grant of Probate generally bank accounts cannot be closed or property sold.

Residue

The sum left when all debts costs and gifts have been deducted from the estate

Testator or Testatrix

The person who is making the Will

Trust

An arrangement you can make to set aside assets which people only receive or benefit from under specific circumstances such as them reaching a certain age. Trusts may also be used to protect the value of possessions or investments.

Trustee

The person who looks after any part of your estate that you have left in a continuing Trust

- Click Here for Wills & Trusts Jargon Buster Fact Sheet


Pennine Law can also help with...

Pennine Law can also help you with Residential Conveyancing, Commercial Conveyancing, Wills, Trusts, Probate, Elderly Client issues, Inheritance Tax Planning, Business Law, Employment Law, Family Law and Civil Litigation

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Julian SaltJulian Salt Hoyland and Penistone
Jonathan FallJonathan Fall Penistone

Pennine Law Solicitors inc Dransfield, Hodgkinson & Lofthouse and William Hoyland Solicitors
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