There are several different aspects of wills and testaments that a lawyer will be qualified to help you with. You may be the person who is creating the will, or you might be the family of the person who is deceased and has left behind their assets to be divided up amongst their loved.
What are the areas than an experienced will & testament lawyer can assist you with?
Making A Will
When you are thinking about writing a will, you might not be sure about how to structure it. Also, you could only have a rough idea about the overall value of your total assets. Instead of trying to draft wills in London on your own, you should think about hiring a lawyer to assist you with the entire process.
The lawyer will make sure that you have not left out any important assets or forgotten to name people who you intend to leave something to.
They will also make sure that the entire will is completely clear for the executors of the will to understand. This means that there will be less chance of any disputes arising between your heirs.
A “mirror will” might be something that you and your partner are interested in putting together. This allows each of you to leave your entire estate to the other in the event of one of you dying prematurely.
When you leave property, land or behind for your family, you have to consider the impact that inheritance tax is going to have on them. It is sensible to hire a lawyer and plan for this eventuality. A qualified solicitor will be able to help you work out the total value of your estate at present.
The first £325,000 of your estate is not going to be subject to any tax, but tax will have to be paid to the Inland Revenue for anything that exceeds that amount. For many people, this means that the value of your house may take up all of the inheritance tax allowances.
The lawyer will be able to arrange gift allowances and exemptions which will not be subject to any inheritance tax at all. They will also be able to help you set up several different trusts that you can leave to various people.
Trusts are an amount of money that can be released to the recipient at a certain point in time. For example, you might want to leave a certain sum of money to your grandchildren that they can only access once they have reached the age of eighteen.
Disputes Over A Will
Disputes can arise when people think that a will has cut them out of an inheritance unfairly. You might suspect that foul play has caused there to be a problem with the will. A lawyer can help you to make a legal challenge.
You should hire a solicitor for wills and testament assistance.