Wills are the cornerstone of financial planning. A will tells everyone what you want to happen to your money, possessions and property. This is called your estate.

But NOT leaving a will means that what happens to your estate will be set out in law. You die intestate. As this will mean that the law will decide how your estate is shared,  and it will probably not be how you wish your things to be passed on.

Writing a will can be done several ways

  • With a solicitor
  • Will writing service
  • Using template forms

The more complicated your affairs, the more expert help you will need. For the majority of our clients we recommend a solicitor should assist in writing a will. This ensures that not only will your estate shared out exactly as you wish, also ensure that you save as much tax as possible.

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We prefer clients to make Wills as soon as possible. This will mean that:

  • you save time and make it easier for your family or friends to sort out your estate
  • your things will be shared out among the people that you want them to be
  • you may save inheritance tax
  • you can ensure your loved ones, especially children, and possibly those outside your immediate family are cared for how you would expect them to be

Your will tells people who you want to receive your estate, and also who will organise the distribution of your things – your executors.

A will may be quite simple, especially if you are single or your family is small and receive all your estate. However, as you age and your wealth increases and have more complicated pensions investments and assets, your estate will require more complicated planning to ensure it is passed on how you wish and you minimise any taxes.

As with most financial planning, you need a plan! You need to think about who you would want to benefit from your estate. You should talk to your family who may have some thoughts and suggestions.

Use of Trusts

A solicitor is able to create a trust within your will, which helps the planning process and saves tax. Both your solicitor and Buxton Beresford as your financial adviser can create lifetime trusts which help with your planning whilst you are alive and safe tax in the long run. We work in conjunction with your legal professional to plan any investments that may go into trusts set up during a lifetime. We are also able to create specialist trusts that save inheritance tax whilst giving additional lifetime benefits to you.

Solicitor recommendations

We have built up good professional relationships with solicitors specialising in trusts and inheritance tax and Wills and probate. We are happy to work with your existing solicitor or recommend fellow professional for you to work with.