Wills, Bereavement and Trusts
This is the progressive and expanding Wills and Probate Department of Waddington & Son.
We have the legal and technical expertise to guide you through your options. Should you wish to speak to a member of our team regarding wills, bereavement services or trusts advice please contact us today on 01282 426666.
Once you have a Will it is equally important to keep it under review.
As we go through different stages of life we need to ensure that our Will still does what we would wish it to do. Some changes that would trigger a review would be marriage, divorce, having children getting older and significant changes to our finances.
Main matters to consider when making a Will are as follows:-
- Who would you like to appoint as Executors – this should be a person or persons that you trust to carry out your wishes, it could be a family member or a professional member depending upon your circumstances
- Do you need to appoint Guardians to look after your children?
- Are there any tax issues or long term care needs that may need consideration?
- Do you have a child or relative that you would like to provide for but a trust arrangement would be more beneficial so someone could manage this on their behalf
In the absence of a will your estate will be administered in accordance with the Statutory Rules of Intestacy. These may not fit with how you would have liked to distribute your estate. Family structures today can be complicated. The intestacy rules do not take this into account. They do not provide for couples that may live together but have not married or registered a civil partnership nor do they provide for step children. They do not take into account the people, organisations or charities that may fall outside family but are close to your heart.
Your will is bespoke to you and Waddington and Son we have the legal and technical expertise to guide you through your options. Please contact us.
We can assist with as little or as much as you may require from us. We can advise you on the effect of the will or the intestacy where there is no will. We can guide you through some of the following steps:-
- Obtaining probate or letters of administration
- Putting together a picture of the deceased’s estate by obtaining valuations of assets and details of all liabilities.
- Attend to any trust matters that may arise under a will or as a result of an intestacy if there is no will
- Settle the deceased tax affairs to the date of death and settle the tax for the administration period
- Prepare a set of Estate accounts
- Settle liabilities and distribute according to the will / intestacy
If you would like to talk to someone about a bereavement and what steps to take please contact us.
The Trust is managed according to a document (Trust Deed) which is governed by various pieces of legislation. Trustees are under a strict fiduciary duty to manage all trust assets in the best interests of all the various beneficiaries named in the trust deed. Your personal wishes for how you would like the Trust to be managed will also sit alongside the Trust Deed in your memorandum of wishes.
You can create a Trust in your life time or in a Will.
There are many different reasons for creating a trust such as:-
- Tax planning opportunities
- a disabled child or relative who may not have the capacity to manage their own funds
- to protect family wealth via a Family Trust or an Asset Protection Trust
- to preserve monies received from a Personal Injury claim where you are in receipt of benefits or long term care
There are many different types of Trusts and the advice you will receive from Waddington and Son covers all aspects of making, managing and winding up a Trust. Should you wish to speak to someone regarding a Trust please contact us.