A Will determines what happens to your money, estate and possessions following your death. If you create a Will, you can also make sure you dont pay more Inheritance Tax than you need to. You could write your Will yourself; however, you run the risk of making a mistake, meaning it may not be legally valid after you pass away.

Things to Consider

You need to consider certain aspects of your Will before it is put together. You need to decide who the beneficiaries are going to be. Putting into consideration the carers of your children and who their legal guardians will be should be a top priority. You need too put in place an "Executor" who will manage your affairs when you die. Your Beneficiaries may also die before you, so you need to think what will happen should this occur.

Types of Will

Single Will: A Single Will is best for people who want to record their wishes and don't want to create a Trust Will. You will be able to discuss what you want to put into your will with our Will Writer during your initial consultation. You should have to hand essential documents and information including the names and addresses of your Beneficiaries, Executors and Legal Guardians.

Mirror Will: Mirror Wills are beneficial for couples with joint intentions for their Estate. This could include distribution of your Estate to each other or any children or dependants.

Trust Will: A Trust will is best for people you want to place some or all of their Estate into a Trust. A Trust Will works by holding certain assets for named beneficiaries who will then acquire these assets at a defined time, once certain conditions are met. Until then, these assets are managed by a trustee.

The Financial Conduct Authority does not regulate Will Writing, Trusts and Inheritance Tax Planning

The Next Step...

To find out more about becoming a client of Beals Wealth Management, contact us to arrange an initial meeting at our expense.

Call us on 0330 0538 618 or fill out our contact form and send us a message.

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