SPA Wills

25/12/2024

02/04/2024

What are the benefits of making a Will?👇

There are many benefits to making a Will. These include:

⭐️giving you control by ensuring you do not die intestate—this means that your assets pass to those you intended (and are not dictated by general intestacy rules) and that your estate is administered by people you choose
⭐️ ensuring you have appointed executors which makes it much easier and quicker to administer your estate
⭐️ensuring that the people who matter most to you are looked after if you die—this is particularly important if you have young children or if someone vulnerable is dependant on you
⭐️helping you focus on and think about what your assets and liabilities may be if you die—this helps you put your affairs in order during your lifetime if you need to
⭐️ensuring your estate and what you leave behind is maximised by using tax planning and tax reliefs appropriately, particularly in relation to inheritance tax
⭐️ensuring (either through the Will itself or in a supplementary document) that some other very important matters are dealt with, for example appointing guardians if you have young children or detailing your funeral wishes
⭐️securing benefits which arise in relation to particular assets you may have, for example:
–a foreign property (e.g. if you have a home abroad, it will be important to establish how and to whom this will pass on your death and to ensure as far as possible that this is in accordance with your wishes and not local law)
–business property - if you are a company or business owner, preparing a Will allows you to plan the succession of the business, as well as maximise any possible tax reliefs for passing the business to the next generation
–farming or agricultural land - as above, if you own or manage farmland a Will would allow you to do succession planning, and also maximise tax reliefs
⭐️allowing you to make gifts to particular people or charities/organisations that are important to you
⭐️allowing you to the opportunity to discuss your estate planning with your family which will significantly reduce the risk of disputes arising after your death

31/03/2024

🔑Key components of a Will - The Witness🔑

Two witnesses are required to sign the Will as part of the attestation process. Only when this is finalised and completed correctly is the Will a valid document.

Must be over 18 years of age, of sound mind and know who you are. Cannot be a beneficiary or a spouse of a beneficiary.

29/03/2024

🔑Key components of a Will - The Beneficiary🔑

The recipient of a gift, legacy or share of the residuary estate following the death of the testator. This could be one-person, multiple people or a charity or institution.

Can be any age but if under 18 years of age, the assets will be held in trust until they reach the age of attainment.

27/03/2024

🔑Key components of a Will - The Guardian🔑

A person who is legally responsible for the care of a minor as appointed in the Will of the parent. This would only be effective if the parent, or person with parental responsibility dies, whilst the child in question is a minor and there are no surviving parents or people with parental responsibility.

The guardian must be 18 or over and of sound mind.
A minor is a person younger than 18.

25/03/2024

🔑Key components of a Will - The Trustee🔑

An individual person or institution (e.g. trust corporation or solicitors) who is given control or powers of administration with a legal obligation to administer the trust solely for the purposes specified in the trust instrument. A trustee would hold trust assets for the beneficiaries as outlined in the Will.

Must be 18 or over and of sound mind.

23/03/2024

🔑Key components of a Will - The Executor 🔑

A person or institution appointed by the testator in a Will to carry out the terms of said Will and ensure that the terms of the Will are implemented. Must be 18 or over and of sound mind.

21/03/2024

🔑Key components of a Will - The Testator 🔑

This is The person who’s Will it is - they must have testamentary capacity when making the Will. Must be over 18 years old and of sound mind.

19/03/2024

🤱GUARDIANS🤱

👨‍👩‍👧LOOKING AFTER WHAT IS MOST VALUABLE – YOUR CHILDREN👨‍👩‍👧

Guardians will be responsible for looking after children until they become 18. You associate will be able to offer you guidance in making this decision. Factors you should consider include:

• Age – will they be able to manage bringing up very young children or be able to handle dealing with teenage children?

• Location – will your children have to move school? Will they be separated from their friends and other family members?

• Finances – will they be able to accommodate your children? Trusts can be set up in your Will to provide income and capital for your children’s benefit. Your associate will be able to offer further guidance.

• Religious/moral issues – will the guardians accommodate any religious/cultural beliefs in the upbringing of the children?

17/03/2024

🤱GUARDIANS🤱

👨‍👩‍👧LOOKING AFTER WHAT IS MOST VALUABLE – YOUR CHILDREN👨‍👩‍👧

Who has parental responsibility? 🧐

A guardian is only created if the appointment is made by a person with parental responsibility for the child. Birth mothers always have parental responsibility for their children.

Fathers will have parental responsibility where they meet one of the following criteria:

• They were married to the mother at the time of the birth or have married the mother since that date;
• The child was born after 1st December 2003 and the father is named on the birth certificate;
• The child was born before 1st December 2003 and the father has re-registered on the birth certificate since that date;
• A parental responsibility agreement with the mother exists;
• A court order granting parental responsibility to the father has been made