These notes are intended to highlight various matters that be considered. It is hoped that by referring to them you will be able to prepare your instructions for us, as your Solicitors:
Executors / Trustees
The Executors are the persons responsible for administering your Estate. They become Trustees when funds are to be held "in trust" for beneficiaries for any period of time. Generally we would recommend the appointment of at least two Trustees. Partners in our firm can act as Executors and Trustees if that is your wish.
Guardians
By Will you can appoint a Guardian of children who are not yet of full age. Whilst this is particularly important for single parents, married couples should also consider the appointment of a Guardian in the event of both their deaths.
Beneficiaries
You will need to decide if there are to be any legacies of fixed cash amounts to individuals or charities and if there are to be any specific bequests of property or other assets. After deduction of legacies and bequests, the balance of your Estate can be described as the residue and again you will need to decide on how this is to be divided. Married couples should provide for when they have both died. Where children are involved, decisions will have to be made as to the age at which they are to benefit (eg.18, 21, 25). It is best to also provide for the eventuality that the beneficiaries (particulary those entitled to share in the residue) might predecease you.
Joint Property
Houses and land held in joint names will, with certain exceptions, automatically pass into the sole ownership of the survivor on the death of either party. Similar comments apply to Bank and Building Society accounts held in joint names. You cannot by wIll dispose of jointly owned property. You may wish to discuss with us whether or not you wish to change the form of joint ownership so that you can dispose of your share by will. This can be particularly important in the case of separated couples.
Inheritance Tax
If you are able to give us some indication of the nature and values of your assets, we shall be able to advise on the likelihood of any charge to Inheritance Tax. There is, however, no liability to Inheritance Tax on property passing between a married couple. We may be able to give advice as to the steps which might be taken to reduce the burden of Inheritance Tax for the benefit of the next generation.
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