WHY DO I NEED A WILL

Why do I need a Will?

Everyone should have a Will, but 2 out of 3 people have not yet made a Will and those that have, may not have the correct Will in place.
An estimated 70,000 people per year have to sell their homes to pay for care.

A large proportion of any inheritance is lost in future divorce settlements, to creditors or bankruptcy and unnecessary taxation.
If you own a business or a share of a business then your spouse / partner and children may not inherit your share of a business.

Protecting Your Wealth

The vast majority of people put off making a Will for a variety of reasons, either believing that the people they would wish to inherit will automatically do so, or because they don't think it is relevant to them at this particular time.

The reality is that you can put off making a Will until it is too late and this poses all sorts of problems for the people left behind and could mean that some, or all of your inheritance, either goes to the wrong person or to the state.

Everyone needs to make a Will. In particular, anyone with dependant relatives must do so. Anyone who owns a property or has any type of asset which you would wish relatives, friends or charities to benefit from should also make a Will.

Making a Will enables you to plan exactly what will happen to your property (estate) following your demise. This ensures that those you would like to benefit actually do so, in accordance with your wishes and at the same time avoiding any disputes between relatives.

Trusts

What is a Trust exactly? Originating from the time of the Crusades, Trust were set up by wealthy landowners (Maybe even young Lambton?) to ensure their affairs were managed by a Trusted person whilst they were away. Unfortunately many did not return! However, they had the peace of mind that their estate would be passed on or divided according to their wishes: thanks to their foresight in setting up a Trust.

Trust Funds: Only for the Rich? Not so Today.

Different types of trusts are widely used to protect, guide and provide for those whom we care about both here in the North East and further away from home. As life has in general become more complex, so too have the original Trusts evolved to match new needs and head off potential injustices and loss.
From Family Trusts to Gift Trusts or a Protective Property Trust, you will find our Trust Law knowledge and guidance, based close by you, here in the North East; is supportive and easily accessible.

Who Can YOU Protect by Providing a Trust Fund?

Spouse
Partner
Children, step-children and Grandchildren
Disabled Relatives
Second marriage – life interest in family home
Charities – leave guidance in the use of a donation
Assist in providing for Care Home Fees
Protect against loss of assets to your beneficiaries through divorce, re-marriage or bankruptcy
Gifting to children- deposit for a house? Guard against loss in divorce/separation
As part of effective Estate Planning

Two key areas of Trusts exist today as they did in the times of old – Trusts during lifetime and Trusts set-up on death. There are many types of Trusts and is important to seek professional advice on which is relevant to your needs and situation.

For more information and guidance on how Setting up a trust can benefit you and those you care about please contact us and we will be happy to run through the options with you.

Dignity

Wills & Trusts