Wills, trusts and wealth planning
It is crucial to take wealth planning advice particularly to have suitable, up to date and carefully drafted Wills and Trusts
Whether you are new parents, grandparents wanting to look after grandchildren, a business owner or wanting tax planning advice we tailor Wills to your specific circumstances for a fixed price.
Our solicitors have trained (often for many years) to specialise in drafting Wills and have the necessary experience and skill to ensure your Will carries out your wishes taking into account things like inheritance tax, care fees or Trusts.
There are strict formalities governing how a Will must be signed and witnessed in order for it to be legally valid. It is easy to fall foul of these criteria making the Will worthless. The best way to ensure that your last wishes are clear is to instruct a legal professional.
Homemade Wills (commonly referred to as “DIY Wills”) and non-professionally drawn Wills are often unclear and legally uncertain, the consequences of which can be expensive to sort out.
We regularly advise on:
It is common nowadays for people to have complex family setups. A common quandary for individuals in their second relationship who have children from a previous relationship
Whatever the circumstances, when you bring children to a relationship, it can create all sorts of problems with regards to inheritance who do not want their children (not their step-children) to inherit everything whilst ensuring your new spouse is provided for in case you die first.
A marriage cancels any previous Wills, so it may well be that your current arrangements if you die is that your spouse is your main Beneficiary. Your Estate will then become part of their Estate and they have the freedom to leave their assets to whomever they choose which could may result in your step-children receiving everything when your spouse dies rather than it passing to your children / bloodline.
Unless you put Will arrangements in place you cannot be certain even if your spouse promises that your children receive what is rightfully theirs because of later family disputes or perhaps your spouse may even re-marry.
The answer is to create a Trust in your Will so that your spouse is allowed to live in your home (or provided with some income) for the remainder of their life whilst the capital value of your home or savings are inherited by your children on their death. This arrangement gives you peace of mind that your spouse has somewhere to live and/or sufficient means and will ensure your own Estate does not part of theirs, ensuring that your step-children do not inadvertently inherit the lot.
While it’s very sad to have to contemplate, when you become a parent it’s very important to make or update your will to ensure your child would be cared for and protected if you were not there to look after them. Below are some of the most important provisions you’ll need to make for your child in your will.
Appoint a guardian
By making a will you can appoint a legal guardian to look after your child and take on Parental Responsibility until your child reaches the age of 18.
Choosing someone to look after your children should you die can be a very difficult decision to take and one that you may prefer not to think about. But it’s in your child’s best interests that you do consider it now. It’s best to first discuss the issue with the person or people you’d like to appoint – perhaps your parents or a brother or sister. Although this is a difficult issue they’re likely to be flattered to be asked. If you change your mind as to who would be best, you should amend your will at a later date. Without a legally binding will, the decision as to who would take care of your children may not be as you would have wanted.
Financial protection
It’s only by making a will that you can decide how your money, property and possessions (known as your estate) are divided upon your death.
If you’re married and don’t make a will, then the rules that will apply often mean that when you die none of your estate will go to your children. Instead it may all pass to your husband or wife or civil partner. If that person were to remarry, when they die your estate could pass to their new partner, leaving your children with nothing. You can protect them against this by making a will with specific provision for your children.
You can also use a will to ensure what different children receive; allowing you to decide what is best for your particular circumstances. In your will you can choose to leave your children a set sum of money or a particular item or a percentage of the value of your estate. You can decide whether or not they pay any inheritance tax and you can even link the gift to the inflation rate.
Appoint ‘trustees’
Another advantage of preparing a will is that you can nominate the person or people who sort out your finances when you die – so you can be sure they’ll consider your children’s best interests. Another key decision you can take, is at what age your children receive any funds left to them. Without a will, if they were to receive anything at all, they would receive it when they reach the age of 18 – which some people feel is too young. By having a will, not only can you decide what they receive, you can also choose the age they will receive it; perhaps 21 or 25.
By writing a will and setting up a trust you can make sure that a family member who is vulnerable, has mental health issues or has a learning disability (amongst others) will get the financial support and protection they need after your death.
Why do I need a Will Trust?
If you don’t have a will or have a simple Will you may have no control over how your vulnerable loved one deals with money and possessions (your estate) inherited after your death.
Rather than your loved one directly inheriting property or money instead it is held by the Trustees of your Will trust to look after on behalf of your loved one. This is beneficial because it can:
- protect vulnerability
The Trustees can make decisions to meet the changing requirements of the disabled or vulnerable person during their lifetime. The Trustees can use their discretion to use any amounts of capital or income for your loved one depending on their needs.
- protect means tested benefits and support
Your loved one does not have any fixed entitlement to receive money from the Trust, they only have a potential right to receive a benefit. Therefore, assets held by the Trustees are not taken into account when assessing any of the beneficiary’s entitlement to means-tested benefits or support.
Can’t I just leave all of my estate to one of my other children and tell them to look after their sibling?
Not only is this arrangement is not legally binding so you will be relying on your other children to be willing and able to carry out your wishes, but the inheritance becomes part of their own finances which could mean that part or all of the money intended for the person with a learning disability could be ‘lost’ for example, in a divorce settlement or through bankruptcy.
If you do not make proper provision for someone who is a dependant on you, such as your child with a learning disability, the courts can alter your will after your death to make sure that an inheritance is provided to help support them. Local authorities may apply to the courts on behalf of your child with a learning disability if you have left them out of your will.
Who should the Trustees be?
Always appoint people who are capable of coping with the responsibility and work involved. It is always best to ask the person whom you would like to appoint whether they are willing to act in this role before making your decision.
We can also act as Trustees and Executors if you would like us to but we will charge for our services.
Can I provide guidance to my trustees?
A Letter of Wishes is your opportunity to explain to the Trustees the reasons for setting up the Will Trust and to give them guidance on how the Trust fund should be used – for instance care, equipment or education.
The Letter should also make clear how the assets should be distributed to the other beneficiaries in the event of the death of the disabled or vulnerable beneficiary of the Trust – for example to other family members or a favourite charity.
Whilst this Letter is not legally binding on Trustees, it can be referred to as guidance.
A trust can be a useful tool to reduce tax, pass assets through the generations or protect investments where young children.
Whether you want to protect assets until a certain age or maintain maximum flexibility we can advise on and draft a trust best suited to your requirements for a fixed price.
A trust is a legal arrangement where a person or group of people (the trustees) are appointed by someone (the settlor) to look after assets for the benefit of another group of people (the beneficiaries).
It can be a useful tool to:
- Hold assets on behalf of vulnerable beneficiaries to preserve their benefits and protect them from financial abuse;
- Hold assets on behalf of minors for their benefit at a later date;
- Give assets away and have them removed from your estate for inheritance tax purposes without losing control of the assets given;
Inheritance Tax is payable at 40% on any excess over your allowance which could impact your estate and the inheritance your leave.
We can advise on the inheritance tax planning opportunities available so that you can take advantage of the exemptions and allowances available in order to limit taxes payable on your estate.
For effective inheritance tax it is advisable to seek specialist advice at the earliest opportunity.
Some of the most effective inheritance tax planning options are:
- A Will
Simply by making a Will you can ensure your assets are distributed in the most tax efficient manner.
- Allowable gifts
Each year you can give cash or gifts worth up to £3,000 and these will be exempt from inheritance tax when you die.
Parents can give cash or gifts worth up to £5,000 when a child gets married, grandparents up to £2,500 and anyone else up to £1,000.
Small gifts of up to £250 a year can also be made to as many people as you like.
- Give away assets
You can give assets away but in order for the gift to end up outside of your estate (and not attract Inheritance tax) you must survive for seven years after making it.
- Create trusts
Assets can be put into trust. This means it may end up not forming part of your estate but you may still retain some control over how the assets are used.
- Surplus Income
If gifts are made out of surplus net income and they meet the strict criteria they will qualify as being exempt.
Our team also has the knowledge and experience to advise you with regard to Capital Gains Tax and Income Tax.
Frequently Asked Questions: Wills, Trust & Wealth
Planning for the future is one of the most important steps you can take to protect your loved ones and your assets. Whether you’re making your first will, setting up a trust, or looking for ways to preserve your wealth for future generations, it’s natural to have questions. Below are 30 of the most common questions potential clients ask about wills, trusts and wealth planning.
If you want to decide who inherits your estate and who will manage your affairs after your death, making a will is highly recommended.
If you die without a valid will, your estate will be distributed strictly according to the statutory rules of intestacy. This means your assets may pass to distant relatives, and unmarried partners will inherit nothing automatically, which rarely reflects a person’s true wishes.
While you can technically write your own will, professional legal advice can help ensure it is legally valid and executed correctly. Minor mistakes in drafting can lead to the entire document being declared void after your death.
A will can include details about who inherits your assets, the appointment of guardians for your children under 18, specific funeral wishes, and the naming of executors to manage your estate.
An executor should be someone you trust entirely to administer your estate according to your wishes. This can be a family member, a friend, or a professional executor such as a solicitor.
It is generally recommended to review your will every three to five years or after major life events such as marriage, divorce, the birth of a child, or significant changes to your financial circumstances.
Yes. You can update your will by making a formal legal amendment known as a codicil, or by creating a completely new will that revokes all previous versions.
Yes. In England and Wales, marriage automatically revokes any existing will you have made, unless the document was explicitly drafted in contemplation of that specific marriage.
Yes. Once your divorce is finalised, your ex-spouse is treated as having died on the date your decree absolute/final order was issued. This cancels any gifts to them or their appointment as an executor, making a complete review essential.
No. Unlike married couples or civil partners, cohabiting unmarried partners do not automatically inherit anything under the rules of intestacy, regardless of how long they have lived together.
A trust is a legal arrangement where assets (such as cash, property, or investments) are managed by trustees for the benefit of one or more beneficiaries.
A will only sets out your wishes after your death, whereas a trust can be used to manage and protect assets during your lifetime, after your death, or both.
Trusts are highly effective for protecting family assets, providing for young children or vulnerable beneficiaries who cannot manage money themselves, and supporting broader tax-planning objectives.
Common types include discretionary trusts (giving trustees control over payouts), life interest trusts (allowing someone to live in a house for life before it passes to children), bare trusts, and trusts for vulnerable beneficiaries.
Yes. A will is the only legal document where you can officially appoint guardians to take over parental responsibility for your children if they are under 18 when you pass away.
A properly drafted will combined with protective trusts can safeguard assets for your children, ensuring their inheritance is held securely until they reach a specified age (such as 21 or 25).
Inheritance Tax (IHT) is a tax that may apply to your estate after your death if its total net value exceeds certain statutory thresholds, primarily the Nil Rate Band (currently £325,000) and the Residence Nil Rate Band.
There are numerous legitimate estate planning strategies available, including making use of annual gift exemptions, setting up trusts, leaving money to charity, and maximising reliefs like Business Property Relief.
Yes, you can make lifetime gifts. However, under the seven-year rule, if you die within seven years of making a significant gift, its value may still be pulled back into your estate for Inheritance Tax purposes.
This depends entirely on how the property is legally held. If owned as joint tenants, the property automatically passes to the surviving owner. If owned as tenants in common, your specific share passes according to the instructions in your will.
Yes. You can leave your home to your children, and doing so can allow your estate to qualify for the additional Residence Nil Rate Band, increasing your overall tax-free allowance.
Without formal business succession planning, your business shares may be frozen, causing severe operational disruptions. Planning ensures control passes smoothly to your chosen successors.
The cost depends entirely on the complexity of your financial circumstances, whether you require foreign assets covered, and whether protective trust structures are required.
Estate planning is the holistic process of organising your financial and legal affairs to minimise tax, protect your wealth from care home fees or divorce, and ensure your assets pass securely to the next generation.
Yes, you have testamentary freedom. However, under the Inheritance (Provision for Family and Dependants) Act 1975, certain individuals (like spouses, ex-spouses, or financially dependent children) can legally challenge the will if they are left without reasonable provision.
If an individual challenges your will based on lack of mental capacity, undue influence, or faulty execution, the estate may be frozen. Seeking early legal advice is critical to assessing the merits of any claim.
Yes. You can leave specific cash gifts, physical items, or a percentage of your residuary estate to registered charities. Doing so can also reduce your overall Inheritance Tax rate from 40% to 36% in certain scenarios.
A specialist solicitor ensures your documents are legally watertight, tailored to your exact family dynamic, and structured to prevent costly future disputes or unnecessary tax burdens for your beneficiaries.