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Wills; the Basics

At Veta Law, your will is written by a qualified solicitor with extensive experience in will writing. You will receive specialist advice about your assets and how inheritance tax will be payable (or not) in relation to them.

It is important to create a will which best suits your personal family circumstances and financial situation. This is key to achieving complete peace of mind for you and certainty for those who will be distributing your estate. We can advise you on the most suitable terms, type of will and the simplest way to implement your succession plans.

Wills are particularly important when:
You wish to specify who will be responsible for distributing your estate; this is called the appointment of your executors;
You wish to specify who your young children will live with in the event that both parents have died; this is called the appointment of guardians;
You have got married or are getting divorced; to ensure the correct people are included or excluded;
You have grandchildren; to ensure that future generations of your family are taken care of;
You would like to ensure that your inheritance tax bill is minimised and reliefs and allowances are maximised as far as possible;
You own shares in a business and you would like to plan for the succession of that business.

All of our wills are completed in accordance with the STEP Code for Will Preparation in England and Wales.
This Code is a set of ethical principles so you know that all of the necessary steps to plan for your future are taken care of.

We are pleased we came to Veta Law as you made reviewing our Wills a lot more enjoyable than my husband and I had anticipated.

Mrs Walker, Knutsford

Veta Law’s View on Wills

 

Veta Law’s View on wills is based upon our experience having completed hundreds of probates. We can say that it is much more straightforward and less costly for your family if you have taken specialist legal advice regarding the distribution of your assets and completed a legally binding will.

The recent change in the law introducing an additional Inheritance Tax allowance for your main residence (the Residence Nil Rate Band) means that many existing Wills need to be reviewed.

We are happy to check your existing will for free – please see our Free Legal Health Check Service.

Frequently Asked Questions
Why do I need a will?
One in three people in the UK die without making a Will, leaving their estate to pass in accordance with the laws of intestacy. This can cause unnecessary costs, upset and complication in the event of your death. This is because the laws of intestacy may not distribute your estate to who you want.
How can I reduce my inheritance tax bill?
This depends upon a number of factors including your personal circumstances, who you wish to benefit, your age, your health, what your assets actually are and how they are held (for example, jointly or alone). We will conduct a full review tailored specifically for you and advise you of all of your inheritance tax planning options, together with their advantages and disadvantages.
What rights do I have as a common law spouse?
English law does not recognise the concept of a common law spouse. It is a myth that as a common law spouse you will have rights to your partner’s assets if he or she dies. Therefore, if you are not married it is essential that you both complete wills in order to provide for each other. Completing a will would also allow your partner to help organise your funeral and for him or her to be involved in administering your assets. Without a will, your partner could be excluded.
Can guardians for my children access my money in order to raise my children?
Yes, we can draft your wills especially so that your executors can release money from your estate to your guardians to help them to look after your children.

More Help About Wills

There are a few different types of wills and we can help you to decide which type is most suitable for you.

Single Will – suitable for one person.

Mirror Will – for couples who have similar wishes.

Asset Protection Will – this can help you to achieve various objectives, including, saving tax, preserving wealth for future generations, handing over a business, divorce protection, and protection against bankruptcy or insolvency.

Trust Will – trusts can offer greater flexibility and protection over assets. This can be particularly useful when there is property, business interests, substantial assets or vulnerable people involved. Such as children or disabled beneficiaries.

Disability Will – it can be difficult leaving money to disabled or vulnerable individuals. We can help you ensure that such gifts benefit the individual in the way that you intended. We can help you ensure that such gifts do not cause means tested benefits or care to be withdrawn. We can also help protect the money in the event that the vulnerable individual is susceptible to unhelpful pressures from others, e.g. other family members.

Statutory Will – If you are acting as deputy or attorney for someone who has lost the capacity to make or change their will, it may be necessary to make a statutory will for them, to ensure their estate passes as they would wish. This involves an application to court, and we can guide you through this process.

Living Will – Also called Advance Decisions and Advance Directives. These are for adults over 18 who may become unable to communicate their own decisions about healthcare due to their medical condition. They are different from the other types of Will listed above, as they take effect during lifetime rather than on death, and concern healthcare decisions instead of money and assets.

VETA LAW CASE

Married couple in their thirties with young children

 

We were instructed by a married couple in their thirties who had 2 young children. He was an equity partner in a firm of Accountants and she worked as a PR Director. Primarily they wished to appoint guardians for their children. They also wanted to ensure that their children didn’t inherit too much of their wealth too soon. They wanted their children to make their own way in the world and didn’t think it was sensible for them to receive large sums of money at a specific age, which is normally 18, 21 or 25. As that specific age might not be suitable for their children at that time.

They wanted their children to receive money more gradually and for more specific purposes, such as, housing, education and getting married. They felt this would be more in line with what would have happened if their parents (our clients) were still alive.

We advised them to include trusts in their wills, so that there would be more flexibility as to when their children would receive money. The trustees (being the children’s aunt and uncle) would decide when and how much money they would receive. The trustees would be guided by a separate letter of wishes, left by our clients, explaining what they would like them to do. Our clients were pleased with this more flexible solution for their children.

Note: This section gives you real examples of cases we have dealt with. Our clients gave us their prior consent for this purpose, and names have been changed to protect confidentiality.

We didn’t expect completing our Wills to be so quick and straight forward, thank you.

Mr and Mrs Pearson, Leeds

VETA LAW CASES

Making use of the Residence Nil Rate Band

 
We were instructed by a widow in her 80’s. Her husband had died 3 years previously, leaving everything to our client. Last year, she sold the family home (worth £650,000) and downsized to a bungalow worth £300,000. She had cash and investments worth £450,000. Her existing will divided her estate between her children and grandchildren (in trust until they reached the age of 25).

Read more...

Our client wanted to know whether her estate would qualify for the Residence Nil Rate Band. We reviewed her will and advised that the gift to her grandchildren in her existing will may not qualify for the Residence Nil Rate Band, depending upon the ages of her grandchildren at the time of her death. To remove the uncertainty and ensure that full Residence Nil Rate Band was available, we redrafted her will to include a different type of trust for her grandchildren, which would qualify for the Residence Nil Rate Band. This meant that her estate would benefit from a total Inheritance Tax free allowance of £850,000 (her own Nil Rate Band and Residence Nil Rate Band, together with her late husband’s unused Nil Rate Band and his unused Residence Nil Rate Band), so there would be no Inheritance Tax to pay on her death, assuming no increase in the asset values in the meantime.

Note: This section gives you real examples of cases we have dealt with. Our clients gave us their prior consent for this purpose, and names have been changed to protect confidentiality.

Retired couple making provision for their grandchildren

 

We were instructed by a married couple in their late sixties, who wanted to update their wills.

They had 2 adult children and 5 grandchildren.

As they had a large estate, they anticipated a large inheritance tax bill and asked how they could reduce this?

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We noticed that they had higher levels of income (from pensions and investments), than they were actually spending. We also noted that their savings were more than they were likely to ever need. We advised them to make a series of gifts into trust for the benefit of their children and grandchildren. Some of these gifts could reduce their inheritance tax bill immediately and other gifts would achieve an inheritance tax saving provided our clients survived the gifts by 7 years. Our clients were happy to provide for their children and grandchildren early, as it achieved a large tax saving and the trust provided some protection in case any of their children or grandchildren got into marriage or financial difficulties in the future.

Note: This section gives you real examples of cases we have dealt with. Our clients gave us their prior consent for this purpose, and names have been changed to protect confidentiality.

About Us

At Veta Law we are happy to answer all your questions about wills, tax planning, trusts, powers of attorney and probate. We offer a free initial call with one of our experts, without obligation, so please do not hesitate to get in touch.

FIND OUT MORE

Contact Us Today

01695 424 611

contactus@vetalaw.com

About Us

At Veta Law we are happy to answer all your questions about wills, tax planning, trusts, powers of attorney and probate. We offer a free initial call with one of our experts, without obligation, so please do not hesitate to get in touch.

FIND OUT MORE

Contact Us Today

01695 424 611

contactus@vetalaw.com