Not making a Will can have real consequences for your estate and your loved ones.
At best, it could mean your loved ones not benefiting as you would wish on your death, and at worst, your estate could end up in the hands of the taxman.
Whether single, married or a parent, Wills are a key element in estate planning and, without a Will, you are unable to control what happens to your assets after death. You may leave your dependents with numerous problems; it is surprising then that the Law Society reports that more than two out of three people have not made a Will.
Without a Will, the law will determine how your estate will be distributed, so your family, friends and even favourite causes may not receive what they need or expect. For example, many married people believe that their possessions would automatically go to their partner. Without a Will, though, that is not necessarily the case. And if you are not married, your partner could receive nothing.
We can never be sure what the future holds but we can each take steps to anticipate and manage life’s changes.
Our Wills and Probate Solicitors in Leeds offer support and legal advice for families across all Leeds postcodes including local areas – Headingley, Cookridge, Adel, Meanwood. We understand how to protect you, your assets and your family as you move into older age.
All our clients have the personal attention of one of our private client team – someone who will give them expert advice, no matter how sensitive the problem may be. We help individual clients to manage their family affairs and advise them on all aspects of Wills, trusts and related matters.
We can prepare straightforward single Wills from just £120, and complex trust Wills can be developed as required at reasonable rates.
What is probate?
When someone dies all of their assets and debts (held in their sole name) have to be valued. The value of the assets, less the debts, forms what is termed their “net estate”. The estate must then be distributed according to the wishes of the deceased or if no Will was left the estate is distributed in accordance with the intestacy laws. In addition there may be tax to pay on the value of the estate.
We can help you apply for probate, the way in which people responsible for the estate are granted the authority to deal with the assets. If the deceased didn’t leave a Will, we can help you with some of the complex matters arising.
Lasting Powers of Attorney
Managing your affairs in later life can become more difficult and it is wise to nominate someone whom you trust to look after your affairs, should the time come when you become mentally or physically incapacitated. The new Lasting Powers of Attorney can extend beyond dealing with your financial affairs to health and welfare matters and decisions, if you so wish.
Your choice of Attorney can be altered at any time, but comes into play either when you choose or when your mental health declines (subject to certain safeguards imposed by the Court of Protection).
You will also be able to place restrictions on what exactly your Attorney can deal with, such as property or restricting medical decisions.