Will with letter of explanation
Why make a Will?
At Garner & Hancock we have a team of experienced and highly qualified solicitors who can help you to ensure that your decisions about what happens to your assets once you have died are carried out.
By making a Will you can decide who looks after your estate and what happens to your belongings. If you have children you can indicate who will look after them and how they will be financially provided for. By making a Will you can also ensure that your estate does not pay too much Inheritance Tax.
If you die without a Will you die ‘intestate’ and the law will dictate how your estate is administered, which may be different from your own wishes.
Why instruct a solicitor to prepare a Will?
A Will is one of the most important documents that you will sign as it addresses who will inherit from your estate. It is not a decision to be taken lightly, which is why our experienced, dedicated lawyers can offer you bespoke advice to assist you with your future planning.
Do it Yourself Will writing kits and services offered by “Will Writers” may appear to be a more cost efficient. However the consequences of a poorly drafted Will can be disastrous and could result in an invalid Will and your beneficiaries incurring high legal costs if a dispute arises, as a result.
Why do I need a letter of wishes?
When a testator considers that their wishes may generate a potential claim, he should consider producing an explanation in a ‘letter of wishes’ concerning those who could feel unfairly treated. There is no law that governs how these letters may be prepared. However, they serve as an opportunity for the testator to explain why some beneficiaries are in greater need than others and why some should be omitted from receiving altogether.
What if I have set up a discretionary trust?
If your beneficiary is a vulnerable individual who will require a long term care from the estate, you may wish to provide the trustees with a guidance in form of a letter of wishes. In your letter, you should explain why you have set up a discretionary trust, what care the vulnerable individual requires and how the trustees should act to provide the required care and life benefits for them. Drafting of such document requires a great care and you should contact us to have this arranged.
Get expert legal advice
A solicitor can advise on the options available to you, helping you and your parents achieve a mutually agreeable solution. For more information, contact us at Garner & Hancock Solicitors for a free consultation. Speak to Nigel George or Jakub Kotan