HOW TO PROTECT YOUR ESTATE THIS YEAR
With the year well underway , many of us have new year ’ s resolutions or a list of things we want to achieve in the coming year or even a list of countries we want to visit now that we have been out of lockdown for some time . Have you thought about making one of those new year ’ s resolutions to put documentation in place to protect your estate and your loved ones ?
Let ’ s take a look at what documentation you can put in place to protect your estate .
Will
A Will is an important legal document which enables the person making the Will ( otherwise known as the testator ), to specify how they would like their belongings ( assets , chattels and property ) to be distributed on their death .
A Will enables you to do the following : -
• Appoint executors to handle your estate and distribute assets on your death
• Appoint guardians to look after any minor children you may have ( children under the age of 18 )
• Make money gifts to family members , friends or even charities
• Specify for certain items to be gifted to a beneficiary i . e . a family heirloom or even a piece of jewellery
• Specify funeral arrangements
• Gift properties
• Exclude people from benefiting under your Will i . e . estranged children
• Make provisions for any pets you may have
• Include various trusts
• Specify how your estate should be distributed and who to
• Do IHT planning .
If you have any questions or need any guidance with the preparation of your Will or LPAs , please contact us and a member of the team will be more than happy to help .
We will be issuing articles over the next few weeks which will specifically look at who should write your Will and other things you might not know that can affect your Will so watch this space .
Lastly , on behalf of the Technical Advice Team , we ’ d like to once again wish you a very Happy New Year .
8 the society of will writers