It can be difficult talking about making a Will. A lot of people can be hesitant because they don’t want to think about death or fear that it may be complicated. However, it doesn’t have to be and having a legal representative to hand can take out a lot of the potential issues that can occur.
One thing a legal representative can help with is advice on updating a Will. For example, if you remarry then you need to consider who you want to include in an updated version and how you want to distribute any money or assets. This may sound obvious but if you don’t do it this can lead to complications later on.
Inheritance tax and savings
A big concern people have is how much they could potentially have to pay in inheritance tax. There is a £325,000 threshold however there are ways that you can include other factors in it such as charitable donations or gifts.
Given that the legislation on this can change over time it helps to have someone to hand who can give you the legal context on this so you can reduce any tax that needs to be paid out.
Another aspect you may want to consider is setting up a trust – this can be done if you have children under the age of 21 or someone who needs protection (for example if someone has mental health issues and therefore may need someone to look after the money for them).
A big advantage to using a legal representative to work with you on writing your will is that you have more protection as they are less likely to make basic mistakes such as not signing the right part of the document. Most legal professionals will also offer to store the Will in a fireproof safe without any additional charge (though you should check this Furthermore in the event of any problems or issues you can report them to the legal Ombudsman.
It can also provide reassurance for friends, family or anyone involved in the Will that a professional with a neutral perspective has looked over it.
What to look for
A good legal representative should talk about the options available to you when you make your Will, their advice should be confidential and they should be able to be the executor of your will based on the instructions that you give them.
As with any legal representative it is important to talk to them and gauge for yourself whether or not you feel that they understand what you want and can do what you need them to do.
At Larcomes we have the resources, the specialist legal professionals and customer service to help our clients get the representation they need. If you have any concerns about making a will or would like to know more please contact our legal specialists today so that we can discuss what you want to do in more detail.