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Planning what will happen to your home, savings and other assets when you are no longer around is something many people put off. However, this runs the risk of your loved ones not being properly taken care of as it can means your estate goes to people you would not have intended.
It can also make the process of dealing with your estate much harder on your loved ones if you don’t leave clear instructions for what you want to happen.
If you die without having made a Will, your assets will be dealt with in accordance with a set of rules, known as the Intestacy Provisions, which may not reflect your actual wishes. By making a Will, you can have peace of mind that your assets will pass as you intend, to those whom you wish to benefit. It can also make dealing with probate much more straightforward and less stressful for your loved ones.
Making a Will also gives you the opportunity to properly plan your estate, which can allow you to minimise your estate’s Inheritance Tax liability and ensure other measures, such as trusts, can be put in place to ensure your loved one’s needs will be met.
At Hubbard Pegman Whitney, our friendly, experienced solicitors can help you create or update your Will, as well as advising on the full range of estate planning options that you can take advantage of. We understand that this is often a difficult subject for many people, so aim to provide sensitive personal support as well as clear practical legal expertise.
We can also provide you with pragmatic tax planning advice as part of our Will making service. Giving gifts to friends and family members during your lifetime can help to minimise Inheritance Tax on your death. We are able to assist you in maximising your Inheritance Tax nil-rate band and can advise about whether the new residence nil-rate band is likely to apply to your estate on your death.
How our Wills and estate planning solicitors in Hammersmith can help you
Our highly skilled team can make it as simple and stress-free as possible to make the right decisions for your estate and loved ones. Members of our Wills and Estate Planning team include a qualified TEP (Trust and Estate Practitioner) and solicitors fluent in Finnish and Spanish, as well as English.
Making a Will
Our Will solicitors can guide you through the process of making a Will, ensuring all of your assets are accounted for and the needs of your loved ones are fully considered. We can also assist with lodging your Will with the Probate Registry, so it can be easily accessed by your executors when required.
We can also advise on issues such as creating a Lasting Power of Attorney, to make sure your affairs can be effectively managed if you ever lose the capacity to make important decisions in future.
Updating your Will
If you already have a Will, it is a good idea to review it regularly and make updates as required. This can allow you to account for any changes in your circumstances, such as getting married or divorced, having children, starting a business or inheriting significant assets.
We can help you review your Will and current circumstances, then make any necessary amendments by adding a legally binding codicil to your Will or drafting a new Will as needed.
Inheritance Tax advice
Our estate planning solicitors can take you through the various options for reducing your estate’s liability for Inheritance Tax, including understanding how to best use the available Nil-Rate Bands, making gifts during your lifetime and setting up trusts.
We can help you to set up and manage a trust, including advising trustees or acting as professional trustees where required. This can be a highly effective and tax-efficient way to make sure your loved ones’ needs are met when you are no longer around. A trust can also be used to protect your home e.g. against the potential cost of future care fees.
Our Wills and estate planning fees
We charge our Wills on a fixed fee basis which includes the initial meeting, Will drafting, a letter of advice and a second meeting to sign the Will. Any additional work involved, for instance numerous meetings and/or amendments, may result in extra charges.
Other charges are based on our hourly rates and the relevant disbursements. We will provide an initial estimate at the beginning of the matter in accordance with the circumstances of the case. This estimate could be reviewed depending on the work involved.
We are happy to discuss your requirements and prepare a cost estimate to meet your needs.
Contact our Wills and estate planning lawyers in Hammersmith, London
For further advice and information about Wills and estate planning from our friendly, expert solicitors in Hammersmith, London, please get in touch.