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Will Guide
After
lifetime estate planning the logical and essential step is to
compliment this by making a Will which carries on the process and
enables you to fully take advantage of all the possible options.
The drafting of a Will can significantly affect the inheritance tax position on death.
The making of a Will allows all property owners to control what happens to their assets after death in so far as:-
The person entrusted with the work (the Executor) is specifically nominated
There is a clear statement of entitlement
The beneficiaries are clearly identified
It may contain alternative provisions if the first nominated beneficiary is pre-deceased
It may contain special wishes and directions
It may include tax savings/exemption clauses
If
there is no Will, there are obviously no such protective measures and
the assets will be inherited under what are known as Intestacy Rules.
However, following the preparation of the Will, the administration of
the Estate of a deceased person may proceed along the definite and
planned lines of Probate.
A Will is a very specialised document
that as well as being extremely personal to you, is also the result of
careful drafting and close review, not a pre-printed sheet of paper
that can simply be bought and filled in over the counter.
A Will
has to be drawn up correctly for it to be legally binding, of course.
But perhaps more importantly, so that it can accurately reflect the
client’s wishes and instructions.
The staff at Powell Davies
Solicitors have been providing this specialist service for years,
individually tailoring Wills to clients’ exact requirements. Not only
that, we’re also able to offer clients the benefit of our extensive tax
planning expertise - so that you can plan, protect, and, wherever
possible, mitigate against any unnecessary tax liabilities. Our
specialised knowledge also makes us a sound choice for post-Probate
administration work.
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