Many of us have family, loved ones and charities that we care deeply about – and some people may rely on us to care for them or provide financial stability. Planning for your own mortality can seem confronting, but it offers invaluable peace of mind and protection knowing that loved ones can continue to be cared for. Planning early and updating your Will with any major life changes, such as marriage or having a child, also means less stress further down the line. Depending on the complexity of your estate, it might also be worthwhile considering a trust as part of your estate and tax planning, which our team can advise on.
What you might include in your Will depends on your personal circumstances, although there are some general categories to consider. Firstly, who should care for any children or dependants, such as adults with a disability, or even pets if you were no longer around? It’s possible to stipulate guardianship and have the security of agreeing this with the person or people well ahead of time. You can also record any items of particular value, whether these hold financial value or sentimental value, and note who you would like to inherit these. It is also possible to leave a legacy gift in your Will to a cause or several causes you care about, which can also serve to reduce your inheritance tax liability. Knowing that these wishes will be carried out as you want is also important, which is why it is advisable to choose someone, or more than one person if you wish, to be your executor. Our private client team can walk you through all the considerations to make to ensure you have a valid Will.
To avoid the risk leaving a legacy of confusion and disputes amongst loved ones, contact our solicitors in Hull, Beverley or the East of Yorkshire today on 01482 300 200.
To download a copy of our free Will guide, click here.