Solicitors Brent

Brent Wills and Probate Solicitors

If you are concerned about what will happen to your property and loved ones after you have gone, you might want to start thinking about making a will.  Most people see a will as something that allows your family members to receive certain portions of an estate and heirlooms and not much more.

The truth about wills

However, there’s much more to a will than just that.  If you have young grandchildren or children, you could set up a trust or appoint guardians.  You can make charitable donations and tax free gifts.  You should also consider the fact that the law will decide how your estate is divided should you decide to not make a will, which can cause hardship for your family, disputes and put a heavy inheritance tax burden on your loved ones.

Things to consider when making a will

• Who you wish to benefit from your estate

• Whether there are specific heirlooms you wish to preserve within the family

• Ways of avoiding of lessening inheritance tax burdens

• Whether you will make gifts and charitable donations

• Whether you will set up trusts who you will appoint as trustees

• The types of trust mechanisms at your disposal and their benefits

• Who will be your executors

• Where the will be stored

Trusts

Trusts are an arrangement where persons known as trustees hold money or assets for the benefit of others called beneficiaries.  You can choose who your trustees will be and name who you will benefit.  You can also decide the purpose of the trust.  For young children, the money in the trust could be used for general welfare and education.  Brent solicitors are happy to advise you on the types of trust you could include in your will.

Choosing executors

Executors are a particularly important part of your will as they are persons who distribute your estate to the named beneficiaries, carry out the your wishes and make funeral arrangements.  Selecting an executor depends on the size and complexity of your estate.  Trusted friends and advisers could be selected for fairly simple estates or accountants and solicitors could be selected for fairly large and complex estates.  It is quite an involved role that requires financial acumen and good organisational skills.  Brent wills and probate solicitors are happy to help you choose your executors.

Will storage

It is important that your will is properly and securely stored and both you and your  executors know the whereabouts of your will when it is needed.

Updating wills

It is a good idea to look at your will every five years or so and consider updating it.  If you have children or acquire particularly valuable assets or property, you should update your will.  Get in touch with Brent solicitors to find out how we can help you review and update your will.