If you are considering a Will for the first time or updating an "old Will", you may be finding all the jargon a little bewildering? At Protect & Prosper, we work hard to help our customers understand every aspect of the recommendations we make and remove the confusion from the jargon!
Your Codicil or Will only considers your "Personal" property. That's anything you own in your own right. Anything owned in "Joint Names" (possibly your home or bank accounts or life insurance), any assets held in Trust, Nominated Benefits of a Pension or any Legally Assigned assets cannot pass through your Will.
A Codicil is a legal addition to your Will It is a simple and convenient way of altering your Will without having to re write it completely. It is only appropriate if you want to make minor amendments such as adding an item of jewellery as a gift to a certain beneficiary. It cannot be used to change one of your Will Executors or make gifts of property or to add Trusts to your Will for example. A Codicil can be a separate document but we have also seen Solicitors write a Codicil along the edge of the font page of a Will. If you write a Codicil it is important to carry out the signing in the same way as a Last Will & Testament. We prefer the option of writing a Will from scratch whenever appropriate as the risks of losing a Codicil are eliminated.
It's your choice. The options you have are Spouse, Partner, Family or Friends or Professionals or a Mixture. All have their own benefits. Adopting a blend of Personal and Professional "Will Executor" or Trustee is a good option as you will have the best of both worlds.
You can appoint reserve Will Executors incase your preferred Executors or Trustees are unable to act. You can appoint separate Will Executors to deal with different tasks (such as a Business or your Digital Online Assets).
It is important to note that your chosen "Personal" Executors will potentially have a great deal to do at a time of high emotional stress and unless they are a Professional, they cannot charge for their time, they can only claim reasonable expenses. They will also need to be aware of the liability this role carries.
A "Traditional Will" takes care of your general wishes. Your wishes may be simple and straight forward or quite complex. A valid Will is a very powerful document but for more control and protection you would be wise to consider the use of "Trusts".
Trusts can offer a great deal of protection from many of lifes concerns, including: Care Fees, Marriage After Death, Generational Inheritance Tax, Vulnerable Family Members, Creditor Problems & Bankruptcy and Separation & Divorce. Trusts are not included in a Traditional Will but can be written into the Will for a Fixed Fee.
Essentially, there is a Trust for almost any scenario. A Trust can be set up in your Will or in life. We recommend taking advice as there may be tax implications with Lifetime Trusts. Some prefer Will Trusts as they are more economical and budget friendly whereas, a LifeTime Trust carries the benefit of Privacy and allows you to act as a Trustee.
A Trust is a legal way of controlling what happens to a certain class of Assets or Valuables Items.
A Trust in Estate Planning Terms will allow the right assets to pass to the right people at the right time.
It's a form of Agreement where the person or organisation "setting up a Trust" will decide the terms, the Trustees (Trustees are the people or organisations responsible for what happens to the assets settled within the Trust and how the assets are protected). They will decide who the Beneficiaries will be and in what way they will benefit and any conditions imposed.
Trusts in Estate Planning terms are used to protect and preserve the value of Assets owned by the person placing them "In Trust" (the person placing Assets In Trust is known as the Settlor). A Trust can also be used to protect the interests of a Beneficiary, particularly if that Beneficiary is a Vulnerable Person or a Child or other dependent.
Trusts have been used to protect and preserve wealth and valuable assets or more that 800 years.
One of the more unknown benefits of a Trust is the benefit of "Privacy". Unlike a Will or Codicil, which become public property when a Grant of Probate is issued, a Trust is Private.
Trusts can be used to protect the family from the following concerns;
Trusts can be set up in your Will or in your Lifetime.
If you are considering writing your Will or updating your old Will, our Free Guide to Writing Your Will helps you consider all of the important aspects. It also illustrates further how Trusts can be used within your Will or set up in your lifetime to control and protect assets.
You can read it online or download by clicking the button below.
Making a Will is probably one of the most important financial decisions you can make.
The decisions you make today before you put pen to paper will determine how well your wishes are carried out and could potentially create a legacy that lasts for generations. It's a decision not to be taken lightly!
Protect & Prospers Free 30 Page Guide to Writing Your Will helps you consider all of the important aspects of writing your Will and planning ahead to protect and control what happens to all the things you have worked hard for throughout your life.
Protect & Prosper
2 Ash Drive, Southampton, SO30 3FA
Protect & Prosper is the trading style of Proprietor, Mr. Anthony B. Hill FISM, CertCII, Aff.SWW. Legal Services are provided in Association Premier Solicitors LLP and Willpack Ltd.
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