Residency Trust all you need to know
Nobody likes to think about anything related to death, much less their own. That goes without saying. Nonetheless, death is a stark and unavoidable reality of life, and you need to plan for the inevitable, just like everyone else.
Here at Trusted Will Writers, it is our aim to make it easy for citizens of all walks of life throughout the United Kingdom to choose the will that is right for them. Whether it’s a residence trust, a mirror will, or any one of the various options that are out there, we make it easy to determine the estate planning option that is best for you and put it into place.
Although there are many reasons why you need to take action and plan a will, here are some of the most important:
Not having a will is not an option
Writing a will is crucial as it’s used to address what will happen when you pass away. Whether it’s a mirror will or a residence trust, Trusted Will Writers is the most reliable company that you should work with when you want to address who has the right to your asset. The company has years of expierence in making it easy for people to determine the best estate planning option for them and implement it. A will also offer an opportunity of introducing additional clauses like trust funds to protect assets such as an art gallery from taxes by allocating them to a limited number of family members.
It doesn’t matter how old you are. If you are the title holder of a home, property, car, artwork, or any other valuable tangible or intangible assets, it behoves you to make sure that you are a “testator” (that’s the term used for someone who has a will).
Different types of Trusts
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To find out more about our will writing service all you have to do is give us a call. One of our friendly team members will chat with you about your personal circumstances and what you wish to include in your will. We will then schedule a visit, at a time of your choosing, for one of our Legal Consultants to come and visit you
They will gather all of the necessary information together in order to prepare and write your will. Once this stage has been completed you will then receive your completed will for approval. The whole process takes an average of 28 days. To find out more information please do give us a call today. We offer a fixed fee and guarantee the lowest local will writing prices.
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Writing wills is the only way to ensure that your money, possessions, property, as well as your investments, has gone to the people or the causes that you care of.
How to write a will
Find out the value of your property. You can draw a list of your lasting assets and your debts too.
The assets that usually make an estate are
- motor vehicles
- your company
- your home, furniture and other household pieces of stuff
- all your savings (bank/building society accounts)
- pension funds
- investments like stocks and shares
- other property that you own
- other personal belongings registered under your name
Then calculate the amount of debt you have. Debts may be a mortgage, a bank overdraft, a credit card balance, loans or equity release. These assets should be valued on a regular basis since their value keeps changing over time. To clarify this you can contact the people responsible to know how long lasting they are.
The will should be transparent regarding your assets. Ensure you have stated well who you would like to gain from your will. Decide where the remains of the assets will go (any money or property that is generally left after meeting the funeral along with administrative expenses, taxes, and legacies). State what to be done if one of your beneficiaries dies before you. If you desire to give any particular gifts to specific individuals like charity, ensure that you have included the correct information like the full names, addresses, and the charity’s registered number. Erroneous information might make your chosen charity to be denied the gift. This is a long lasting decision make sure it is satisfactory to you.
Executors deal with the distribution of your assets once you are dead. It involves a lot of work and accountability, thus think about the people you appoint cautiously.
It’s now the time to write your will
Make your own will:
Make your own will and ensure that it is valid. It should be correctly drafted and signed.
It is typically best because they offer legal advice. Look for one who specializes in wills. Ensure that they are registered with the relevant body.
Some of the banks have will-writing services as well as advice regarding asset planning.
Professional wills writers:
these are not qualified solicitors; hence, they might not be regulated. Do thorough checks if they are registered before you choose one? You do not want to mess up because of less research on solicitors.
Ensure your will is valid
Your will should be in writing, and only you should sign it and witness by at least two people who should as well sign it in your presence. You should have the mental capability of making the will and also understand the effect that it will have. Finally, you should make the will willingly and not from anyone else pressure. The beneficiaries, their family or civil partners are not supposed to act as witnesses; otherwise, they will lose their right of the inheritance. They are not even supposed to be present when the will is being signed. It is not advisable for an executor to be a witness.
Making a will in sickness
The will can be signed on your behalf if you are not capable provided that you are in that room and you have the mental capability to make the will. It should contain a clause stating that you understood everything prior to signing it. In case of a severe ailment, you might require a statement from a medical practitioner certifying that you have understood what you are about to sign then you can get an attorney. You can as well appoint somebody else to have a short-term power to sign your legal documents by giving them a general power of Attorney.
Keep updating your will
You are supposed to review your will after every five years or after a significant change like a moving house or new grandchild, and you should never make changes to the original will. For minor amendments, you can add just an addition, called a codicil that must be signed and witnessed just like the will, even though the witnesses don’t need to be the same. For significant changes like remarrying or divorce, the will requires to be changed. You must make a new one and cancel the previous one.