We all know that going through a divorce process is...
Read MoreFor most of us, death, illness and taxes are all subjects we don’t wish to dwell on. But in reality, they are all important issues that affect us and our family, and where we can exert some control we ought to do so.
I can come to you, in the privacy and convenience of your own home, to discuss Wills, Trusts and Lasting Powers of Attorney. I’ll explain why they are important and suggest ways that you can put steps in place to give you peace of mind for the future. By drafting a Will, Lasting Powers of Attorney or setting up Trusts, not only will your wishes be carried out as you would like but you can also protect your family and friends from costly and stressful legal disputes.
A Trust can be set up through your Will to help protect and control wealth for the benefit of your family/loved ones. Trusts enable people to place assets under the control of others, so that they have full responsibility to manage those assets for the benefit of whomever is chosen, according to a set of instructions. There are many different types of trusts and I can advise you on the different benefits to assess which is appropriate for your circumstances.
Trusts can be hugely beneficial but they can also be complex to set up. I can advise on the timing, beneficiaries and any tax implication on the duties of a trustee.
Mirror Wills reflect the contents of another Will, hence the title ‘mirror’, so there are essentially 2 almost-identical Wills that state what will happen to the other (and their children) in the event of a death.
The main ways in which they can differ is, of course, the name of the testator (the person who has written the Will) and any specific funeral requests.
Generally, a couple may wish to get a Mirror Will if they want the following to happen in the event of their passing:
If one partner dies, the other partner will be entitled to the deceased partner’s entire estate (depending on first death).
When the remaining partner passes away, the estate will be passed on to any children.
Instead of getting two separate Wills that basically state the same requests, a Mirror Will is a more cost-effective option for couples if they both want the same things.
A Mirror Will is a good way of making sure your estate remains within your blood-related family.
Mutual Wills go one step further than Mirror Wills, creating a legally binding agreement between a couple that the survivor will not change their Will.
A factor that can make this complicated is that there may be no written indication of such an agreement, either in the Wills or elsewhere. Nevertheless, if there is clear and convincing evidence of a binding intention between the couple that neither of them is entitled to change their Will without the other’s consent, they will have created mutual Wills.
A factor that seems at odds with this principle is that Wills in themselves cannot be made irrevocable. And should the survivor remarry, the earlier Will is automatically revoked.
However, if the first party dies having honoured their side of the agreement, equity comes into play, imposing a constructive trust over the property to which the agreement relates, on behalf of the agreed beneficiary/ies. The survivor is free to deal with the property during their lifetime, but they cannot give it away.
We have a lot of useful information on our wills & trusts page here
This will make your wishes clear, avoid confusion and conflict amongst your loved ones, and will be legally valid and binding. You will be able to name beneficiaries, guardians for children under 18, give details about specific items you want to pass on and name your executors.
This will make your wishes clear, avoid confusion and conflict amongst your loved ones, and will be legally valid and binding. You will be able to name beneficiaries, guardians for children under 18, give details about specific items you want to pass on and name your executors.
As per a Basic Will but with the addition of a Trust, for a beneficiary or because inheritance tax planning is required. Also, advice on lifetime gifts.
As per a Basic Will but with the addition of a Trust, for a beneficiary or because inheritance tax planning is required. Also, advice on lifetime gifts.
As per Standard Will but with multiple Trusts, additional inheritance tax and wealth planning.
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Read MoreWe cover the following locations:
Thorne
Crowle
Epworth
Goole
We are also able to provide virtual services to national clients.
We are able to visit you at home in Scunthorpe, Thorne, Goole, Crowle and Epworth and surrounding areas of North Lincolnshire and South Yorkshire
You are, of course, also welcome to visit us at our office in Crowle High Street, please give the office a call to arrange an appointment.
We are paperless, cloud-based, and always endeavour to see our clients at a time and place convenient for you – including evenings and weekends.
Our aim is to provide you with exceptional legal services at cost-effective prices.
Please see a summary of the services we offer below:
Please get in touch if you’d like to arrange a free consultation – you can use the contact form or give us a call or email.
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