A blended family consists of a couple and their children from previous relationships, and perhaps children they have together.
Such an arrangement is very common in modern society but it can complicate how financial affairs need to be managed.
For example, life interest trusts may be required and the names in which assets are held may need to be changed in order to ensure the testator’s wishes will be carried out when they die.
Business assets and succession planning
Where a testator has business interests, it is important to consider what they would like to happen to their business when they die. Sometimes a partnership agreement or articles of association for the business already account for this, but it is important that complete advice is sought to ensure that the wishes of the testator can be achieved.
If business property relief applies, this can also be advantageous for inheritance tax purposes.
When considering the future of the business, it would also be advisable for the testator to consider making a specialist Lasting Power of Attorney.
Where a testator has a particularly large estate, specialist advice is needed to ensure that all possible tax advantages can be applied so that the inheritance tax due from the estate is minimised.
This would generally be in conjunction with estate planning.
How does the process work/what are the steps?
You are invited to attend our offices for a meeting to discuss your wishes. We are equally happy to discuss matters over the telephone or by email. Alternatively, we can meet at your home if that is more convenient for you. In emergencies, we can also attend clients in hospital.
We shall draft the Will in accordance with your requirements. You will, of course have an opportunity to approve or amend the Will prior to signing. Once you are happy with the Will, it can be engrossed and signed. We are usually requested to store the Will in our firm’s storage facility for safekeeping, which we do at no extra cost and we will also provide a signed photocopy for your own records.
How long is the legal process when writing a Will?
For a straightforward matter, a Will can be completed within a week from initial instructions to execution of the Will. If there is a particular urgency, a Will can be drafted and signed within a couple of working days, if required.
Is it expensive?
We are usually able to provide a fixed fee service for the drafting of most Wills. Please call or email [email protected] for a quotation.
What are the things people should consider before calling?
You should consider the following:
- Who they would like to appoint as their executors. That is the person(s) appointed to ensure that the terms of their Will are followed. Many of our clients nominate this firm to act in this capacity.
- The appointment of guardians of their children (if there are any children who are under 18 at the time of their death).
- Those persons they would like to benefit under the Will.
- Any gifts of specific items or money they would like to leave.
- It would also be helpful if you could provide us with a rough estimate of the value of their assets so that we can provide you with any relevant inheritance tax advice.
Why are Grant Saw the best people for the job?
We are the largest private client department in the local area and have five dedicated specialists in the team. As a department, we pride ourselves on providing excellent client service, with a friendly and approachable manner and we are frequently instructed by new clients based on recommendations received from our existing clients. We also hold the Law society accreditation for excellence in Wills and Probate, known as WIQS (Wills and Inheritance Quality Scheme), as well as having a member of Solicitors for the Elderly and an associate member of STEP. These are all demonstrative of the expertise and dedication our lawyers have in making sure our clients receive the best advice possible.