These cover all the basic requirements including:
- They appoint Executors to administer your estate.
- They appoint Guardians for any dependent children you have.
- They provide for any special gifts you wish to make.
- They allow you to specify your funeral wishes.
- They specify who is to inherit your estate in general but;
- What they don’t do is make any provision for protecting your estate for the future.
Reasons to update your Will
Re - Marriage Wills
These will protect your property for your children in circumstances where their parents remarry after divorce or bereavement.
Care Fee Wills
These can prevent the total value of your house being assessed for care fees.
Flexible Family Trusts
These ensure that your family estate won’t be lost unnecessarily due to possible future changes e.g. care fees, survivor's remarriage and more.
These are for single people. Their prime benefit is to ensure that once Inheritance Tax has been paid, all your assets can pass to your grandchildren.
Business Trusts And Wills
These are for owners of a business that would have a value after death and whose personal assets exceed the Inheritance Tax threshold or would do once the business value has been taken into account.
Family Probate Preservation Plus Trust
These ensure that no probate fees will be payable on your death as long as certain criteria are met.
Death In Service/Life Insurance Trust
These keep any death benefits and/or life insurance payments out of the survivor’s estate for Inheritance Tax purposes.