wills: an introduction
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willsan introduction
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An Introduction to WillsWhy make a Will?Many people find the thought of making a Willunpleasant and difficult – perhaps this explainswhy only one third of the UK population actuallyhas one. But facing up to this task now will helpavoid the much greater difficulties that yourloved ones may face if you were to die withoutone.
Your wishesMaking a Will is the only way to ensure that yourestate passes to those who you want it to, ratherthan according to the fixed statutory intestacyrules. This is essential for unmarried couples,since each partner has no legal entitlement tothe estate of the other. But for married couplestoo, reliance on the intestacy rules is unlikely toachieve a satisfactory outcome. For example, it iscommonly assumed that even without a Will awidow or widower automatically inherits theestate of his or her spouse, but in fact under theintestacy rules the provision for a spouse is morelimited. Particularly where they have children.
Protect childrenA Will can be structured to protect youngchildren by including appropriate trusts so thatthey do not receive their entitlements too soon.A well drafted Will can also help protect yourfamily against claims on divorce or bankruptcy,thus ensuring that your wealth is protected forfuture generations. Careful drafting of your Willshould help to defer, mitigate or avoid theimpact of inheritance tax on your estate, so thatit is your family who benefits rather than thetaxman.
● Executors and trustees: we will provideguidance to you in selecting the rightcombination of people who are familiar withyour family circumstances but who also havethe necessary skills and expertise to look afteryour estate and assets for the benefit of yourfamily.
● Guardians: if children are orphaned it isessential that you have chosen someoneappropriate to look after them.
● Vulnerable beneficiaries: many families includepeople who need protection, such as youngchildren, disabled or aged relatives,beneficiaries who are simply “not good withmoney” or those who are facing divorce orfinancial difficulties. These issues are oftenbest dealt with by means of appropriate trustsincorporated into your Will. Trusts are alsoinvaluable in complex family situations, forexample where there are children of morethan one marriage.
● Tax and estate planning: we can calculate yourinheritance tax exposure and recommendways of mitigating your tax liability, both bycareful lifetime planning and by structuringyour Will efficiently, in order to maximise thebenefit for your family.
● Business arrangements: if you are ashareholder or partner in a business, your Willcan be structured to maximise business
property relief which can reduce inheritancetax on your business assets by up to 100%.
● Overseas assets: we can advise you about theoptimum method of dealing with offshoreassets such as holiday homes. Being part oftwo international networks of leading lawfirms - we are able to tap into expert localadvice worldwide.
● Life and pension policies: as part of our servicewe can review your life assurance and pensionarrangements, working with your otheradvisers to ensure that all available assets arestructured and utilised as efficiently as possiblefor the benefit of your heirs.
● Powers of attorney: we can advise you how toappoint people to make decisions for youconcerning your personal welfare and/orfinancial affairs, in the event that you are nolonger able to do so.
● Domicile and residence: we are experienced indealing with clients who have a foreignconnection, for example those who aredomiciled outside the UK, and structuring theiraffairs to make use of any UK tax advantagesarising out of their residence and/or domicilestatus.
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Our servicesOur team are highly experienced in Will drafting and tax/estate planning.With professionalism and sensitivity, we can help you to ensure that yourfamily’s needs are taken care of should the worst happen.
Private Client Team
No.1 London BridgeLondon SE1 9BGDX 144370 Southwark 4
Tel: +44 (0)20 3755 6000Fax: +44 (0)20 3650 7000
www.howardkennedy.com
Michael LewisPartnerT: +44 (0)20 3755 5572E: [email protected]
Liz PalmerPartner: Head of Private ClientT: +44 (0)20 3755 5645E: [email protected]
John AnnettsPartnerT: +44 (0)20 3755 5362E: [email protected]
Simon MalkielPartnerT: +44 (0)20 3755 5587E: [email protected]
● wills and inheritancetax planning
● efficientadministration ofestates
● creation andadministration oftrusts and charities
● trust and estatedispute resolution
● marriage andcohabitation(pre-nups/post-nups/cohabitationagreements)
● relationshipbreakdown(divorce/civilpartnershipsdissolution andfinancial settlement)
● our specialistchildren’s unitdealing withresidence andcontact, adoptionand surrogacy,international childabduction andchildren disputes
● residential property
● employment lawadvice
● reputationmanagement anddefamation
● crime
● personal injury
● immigration
Services forindividuals include:
Naomi O’HigginsPartnerT: +44 (0)20 3755 5401E: naomi.o’[email protected]
Robert CraigPartnerT: +44 (0)20 3755 5421E: [email protected]
Emily MailerPartnerT: +44 (0)20 3755 5584E: [email protected]