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Wills - Everything you need to know

Making a Will is one of the most important things you can do. But it can be seen as a depressing thing to talk about, a complicated process or an unnecessary expense – so we put it off.

But making one can actually be quite simple when you have the right help. We’ve been making Wills for our clients since 1888 (which is quite a long time) so we know exactly what we’re doing. We can all find plenty of reasons to put off making a Will, but here are a few reasons not to.

If you don’t have a Will, you don’t have a say

The law (and not you) will decide where your money goes and it’s not always to your partner or even your children as you might assume. You can read more on this on our Frequently Asked Questions about Wills.

It costs more to correct mistakes than to make one properly in the first place

Sorting out an error in a Will can cost thousands. By our reckoning, making a Will at home saves around £80, but balanced against the risk of serious expense if it goes wrong, is it worth it?

One Will doesnt fit all

There are different types of Wills to suit your needs, depending on your financial and family situation. If you’ve been married more than once or have children with different partners, we can make sure all your children benefit fairly.

A Simple Will:

Does exactly what it says on the tin.

The kinds of things included in Simple Wills are:

  • Basic gifts of cash, property, assets, or family heirlooms to beneficiaries.
  • Leaving your estate to beneficiaries entirely, or in shares, and then explaining what you want to happen if one or more of them aren’t around.

A Simple Will is appropriate for around 80% of clients. They are cheap*, and will ensure that if you want something to go to someone, then they will get it.

A Life Interest Will

Also known as a “Child Protection Will”

This Will involves a trust in your Will, and is well suited to people who have children from more than one relationship, and want to ensure that their children are looked after correctly.

It can also be suitable for people who are worried that their partner may take up a new relationship after they have gone.

Suppose that you die at quite a young age leaving a partner and one child. If you make a Simple Will** leaving everything to your surviving partner, then of course your partner will get everything. But what if your partner then has another relationship, and has two more children with the new partner? Your partner will not be forced to leave anything to your child (they could leave it all to the new partner), and even if they do it likely to be split into thirds in this example.

A Life Interest Will can help with this.

Your residue (or a chunk of money if you prefer) is placed into the trust, and the income of that trust is given to a particular beneficiary (eg. your surviving partner?) during their lifetime. So, if you leave money in this trust, and it is invested, the income made on the investment will be available to your beneficiary.

The actual amount of money placed in the trust (the ‘trust fund’, or ‘capital’) is not usually touched, although it can also be made available to the surviving partner.

The actual capital passes to your children on the second death, or to whomever you stipulate in your Will. So it could not go to the new partner, or new children.

Another potential benefit of these Wills is that assets in a Life Interest Trust may be protected if you have to go into a nursing home – but you must take specialist and subjective advice on this.

Having a Will helps you take care of your loved ones in the future

We’ve been making Wills for our clients since 1888 (which is quite a long time) so we know exactly what we’re doing! Our offices are based in Nottinghamshire in Mansfield and Sutton in Ashfield, but we also create Wills nationwide, so we can help you wherever you live. 

Making a Will is one of the most important things you can do and it’s usually simple, cost effective and gives you the peace of mind that a really important job is ticked off your list. We can all find plenty of reasons to put off making a Will, but here are a few reasons make one today.

If you don’t have a Will, you don’t have a say what will happen in the future

The law (and not you) will decide where your money goes and it’s not always to your partner or even your children as you might assume. You can read more about those rules here and in our Frequently Asked Questions about Wills.

It costs more to correct mistakes than to make a Will properly in the first place

Sorting out an error in a Will can cost thousands and can cause huge delays. We would always recommend people make a Will with a trusted, experienced and regulated company.

One Will doesn’t fit all, let us find the one that suits you

There are different types of Wills to suit your needs, depending on your financial and family situation. If you’ve been married more than once or have children with different partners, we can make sure all your children benefit fairly.

Simple Wills

These Wills cover most situations and can be written as a single Will, or as a pair of Wills for those who are married and would like to include similar information. The kinds of things included in Simple Wills are basic gifts of cash, personal items, property, or other assets to beneficiaries. This covers leaving your estate to beneficiaries entirely, or for them to share your Estate.  A Simple Will is appropriate for around 80% of clients and ensures that if you want something to go to someone, then they will receive it.

Property Trust Will – taking care of your property

This is very similar to a Life Interest Will, but instead of putting money into a Trust, you protect your part in your home. It is often a Will used if people want their children to inherit their home. This Will ensures that a surviving partner can live in the house for the rest of their life, and gives them freedom to move or downsize. Then in the future that the house can be passed down to the children or other people named in the Will. Property Trust Wills can help you reduce the impact of Care Fees on your family. You can find out more about Care Fees here.

A Life Interest Will

Also known as a “Child Protection Will”

This Will involves a Trust in your Will (like a Trust Fund). This is suited to people who have children from more than one relationship, and want to ensure that their children are looked after correctly. It removes the risk of a partner doing something different, or even disinheriting your children in favour of their own. A Life Interest Will can help with this and share your Estates fairly and securely. Life interest Wills can also help you reduce the impact of Care Fees on your family. You can find out more about Care Fees here.

Not sure which type of Will you need? Don’t worry, talk to us

We provide free person to person consultations and our skilled and friendly team will make a Will for your individual circumstances. This makes sure that your personal wishes and plans are put in place, leaving you to enjoy other important things in life.

You can make an appointment to speak to us by calling 01623 45 11 11, emailing wills@fidler.co.uk, making an appointment in person at our offices or in the comfort of your own home. The appointment is free of charge and we will discuss the options that are best for you.