Our first responsibility in life is to take care of our loved ones. We usually have our material possessions - our home, our car, our luggage when we travel - well insured. And yet over 70% of people in the UK and Australia do NOT have a current will.
There is an old saying that a person who doesn't have a Will 'is a fool to themselves and a burden to others'. At Trinity Holdings we strongly advise that not having a will is a burden for the ones you love and most want to take care of. Let's look at the facts:
Without a will:
Your spouse will not necessarily inherit everything. Your children, brothers, sisters, parents and even cousins may have a valid legal claim on your estate. Your family home may have to be sold to pay their share.
An unmarried partner may get nothing at all from their partner’s estate and have no claim to the shared home.
If your spouse re-marries, a new partner may inherit before your children, who may lose everything.
Your children will have no appointed guardians and could be taken into state care while a court appoints guardians.
Inadequate tax planning may mean the revenue authorities receive money that your family should have
Solicitors and banks are often appointed as executors or become involved with the distribution of your assets. Their fees could run into many thousands of pounds or dollars which must be paid from your estate.
Is your will up to date?
If a Will is not regularly reviewed and updated it may not reflect your wishes. Changes in your life occur, of course, but as importantly there are continuous changes in the law that could make your Will out-of-date or potentially increase the tax your estate will have to pay. Well done for having a Will! Please review it periodically and keep it current.
Our Services
We can advise on and offer services for these matters:
UK I.H.T Nil Rate Discretionary Trust and Family Trusts.
Special Wills as well as Family Trusts can be prepared to protect family assets and to ensure you make use of any allowances effectively to mitigate inheritance tax and other possible UK taxes.
Storage of Wills and Legal Documents
We offer a professional storage service for your Wills and other legal documents. If your Will is not stored correctly it could be mislaid, destroyed or tampered with. This could result in you dying without a legal Will.
Probate Services and Professional Executors
Removing the burden of Probate to prove the Will saves time and reduces the levels of stress and distress for the family at the time of death. Our service includes a probate helpline for the family and home visits to assess the work involved.
Advice on International Wills and Property Ownership
Care needs to be taken to ensure your Will is acceptable in a country in which you have purchased property. We can assist in creation of a declaration or second Will to comply with the succession rules of countries other than the UK.
Making a Will through Trinity Holdings
Making your Will normally involves two appointments.
At the first appointment your detailed instructions will be taken and appropriate advice given to you on matters relating to the preparation of your Will. Unless otherwise agreed, fees are payable in full at the end of this appointment.
A draft Will shall then be prepared and sent to you by post, to give you the opportunity to check that your instructions have been accurately interpreted and to make any changes or additions you may wish to make, on reflection, if you have had any second thoughts about a legacy. There will be no charge made for any changes made to your draft Will. Any queries will be answered and full explanations given.
At the second appointment the completed documentation is given to you to read through before signing. If we have made any mistake this will be rectified at our expense, before you sign the document, even if this means a further visit.
We find that it is easier to discuss making your Will in the comfort of your home where there are no time pressures of work, worries about parking etc. We will arrange a convenient time suitable to you.
More Information
Our Confidential Will Questionnaire and Instructions Guide and Executors & Trustees Guide and Guardian Guide provide more information. Please consider the issue of your Will seriously and contact us at nigel@trintyhi.com if you would like to discuss how we can assist.
Disclaimer: This advice is general and based on our current understanding of UK law and Inland Revenue practice in relation to individual residents outside the UK. They are not specific to residents of any particular country. Individual advice is essential in all cases. Levels and bases of, and reliefs from, taxation are subject to change, tax rates and reliefs referred to are those currently applying the UK and their value depends on the individual circumstances of the investor.