Wills and Estate Planning for under 55s

Wills and Estate Planning

We all want our assets to go the people whom we choose to inherit them. Not planning for the future of your estate when you are no longer here could mean that loved ones are overlooked when sharing out your possessions. Lots of your belongings could be taken and sold to fulfil a tax liability, or claimed by another relative, or non-relative, who believe that they deserve the money.

At Your Safe and Secure Will we will help you put plans in place so that your estate is dispersed in the way you want it to be. Having a will and your estate planning organised in the correct way is essential for everyone.

LPA’s

No one wants to think about becoming incapable of making their own decisions through illness or accident. But it happens to people of all ages. Many people think that if something happens to them in the future and they can’t make their own decisions about issues such as finances, property, healthcare or personal care, for example, their family or friends can simply take over. It isn’t true.

Just as you need to make a will to determine what will happen to your assets when you die, you need to put a Lasting Power of Attorney (LPA) in place if you want to make the decision yourself as to what will happen to you if you lose mental capacity. It allows you to plan ahead to make sure that all your wishes are respected, no matter what happens.

Probate Services

Estate administration is the process of dealing with a person’s legal, financial and personal tax affairs after they have died.

It involves far more than obtaining a Grant of Probate (Confirmation in Scotland) which is just one element of the process. This means dealing with all their assets (such as property, shares and personal possessions), paying debts and paying any Inheritance Tax and Income Tax. Whatever is left in the estate is then transferred to the beneficiaries. Estate administration can be extremely complex and is required after every death, whether or not there is a Will.

Frequently Asked Questions

What happens if I die without a Will?

If you pass away without a Will, your estate will be distributed according to the laws of intestacy, which may not reflect your wishes. This can lead to delays, family disputes, and unintended outcomes, such as loved ones being excluded. Alternatively, your estate could end up on the hands of the government.

How can I ensure my children are cared for if I pass away?

You can name guardians in your will to care for your children if you die while they are under 18. This ensures your wishes are clear and legally binding.

Can I leave money to charity in my Will?

Absolutely. Leaving a charitable donation in your Will can be a meaningful legacy and may reduce inheritance tax on your estate.

We are proud supporters of Remember a Charity.

What happens if my executor dies before me?

If your chosen executor dies or is unable to act, the responsibility may fall to an alternative executor named in your Will. It’s wise to name a backup executor for such situations.