At Richardson tribe Wills are the first and most important step in any estate plan. What’s Involved in Making a Will? Every body needs a Will and the Will needs to be designed to capture all tax allowances possible.
It is necessary to appoint executors to deal with your Estate at demise and hold property in Trust. For example, while a beneficiary is a minor, these executors have a very important role to play and should be either business-minded, family or friends and/or professional advisors. To some extent, executors can act before Grant of Probate, which is when the Probate Registry sends out a legal document that allows one or more people to deal with the Estate. You can provide for specific funeral arrangements. This is particularly important for some clients. Some people ask for their body to be donated to medical research. You can safeguard your minor children’s interests, i.e. children under 18 years of age, by appointing legal guardians to care for them if both husband and wife have died.
Personal items such as jewellery, paintings and heirlooms can be passed on in the Will and by reference to an informal Letter of Wishes. A WILL CAN OFFER FLEXIBLE SOLUTIONS TO PRACTICAL PROBLEMS
The inclusion of a Trust within the Will (discretionary or other) gives the surviving spouse a right to income or occupation of the family home, and may be attractive for a variety of reasons. FAMILY ARRANGEMENTS
A Will may be used to provide for complex family arrangements, for example, to include children from previous marriages. This can give a second spouse the right to occupy the family home whilst protecting the capital for children of an earlier marriage. The effect is to ensure that the assets will not pass outside of the immediate family, and it may pre-empt potential challenges to the distribution of the Estate.ASSET PROTECTION An ever-ageing population means that tens of thousands of homes are sold each year to fund the cost of residential care. A carefully drafted Will can provide for a share of the family home passing into a Trust on the first death; this can give the surviving spouse the right to occupy. The Trust will ensure that the capital is preserved from nursing home fees and instead passes to the intended beneficiaries. A Trust of this type can be drafted in a flexible way to allow the surviving spouse to ‘downsize’. Trusts can protect assets should future generations suffer financial or matrimonial difficulties, or the beneficiaries have not reached maturity, or are not responsible enough to own large sums of money. The Trustees will be able to take each beneficiary’s personal circumstances into account.