Hartley Wills

will writing and estate planning made easy

Will writing

Knowing what to include in your Will isn’t always straightforward. Some of the common things you need to think about before making a will include:

  • Do you have any special wishes for your funeral?

  • Who should be your executor?

  • Who do you want to leave an inheritance to?

  • Do you want to exclude someone from your Will?

  • Do you need to worry about inheritance tax?

  • Who would you want to look after your children?

  • Do you have property or wealth in more than one country?

  • Are there any particular possessions you want someone to inherit?

  • Have you considered your business interests?

  • Should you make a power of attorney?

  • Where should you store your Will?

A will is not the place to make poignant statements or unusual requests. It is a legal document which should be kept as simple as possible, so as not to raise difficulties for those dealing with your estate when the time comes.We help guide you through each step of creating your will, answering any questions and ensuring your will is right for you.

Power of Attorney

Allow trusted people to make decisions on your behalf
There may come a time in your life when you are unable to handle your own affairs, perhaps due to old age, accident or (mental) illness. Setting up a Lasting Power of Attorney (LPA) allows you to choose trusted people who can make decisions on your behalf in those circumstances.It is important to bear in mind that if you lost mental capacity, your spouse, partner or other family member will not automatically be authorised to act on your behalf. If you would like them to be able to make decisions for you, you would have to make a Lasting Power of Attorney appointing your spouse or partner as (one of) your Attorney(s). Even if you have your bank accounts and house in joint names.There are two types of Lasting Power of Attorney:1) Lasting Power of Attorney for Property and Financial Affairs
This document deals with all financial decisions for example with regard to property, investments, bank accounts and payment of bill. You can appoint one or more Attorneys to manage your finances and property whilst you still have capacity, as well as when you lack capacity. For example, it may be easier for you to give someone the power to carry out tasks such as paying your bills or collecting your benefits or other income.2) Lasting Power of Attorney for Health and Welfare
This LPA could involve some significant decisions, such as:

  • giving or refusing consent to particular types of health care, including medical treatment decisions; or

  • whether you continue to live in your own home, perhaps with help and support from social services or whether residential care would be more appropriate for you.

Trusts

Trusts are a way of managing wealth – money, investments, land or property – for you, your family, or anyone else who you’d like to benefit. When you put assets in a trust, they are under the control of an appointed person or persons called ‘trustees’. The trustees then manage the trust according to your instructions, even after your death. We can help you set up a trust to:

  • Safely pass on assets to the next generation

  • Fund education for your children and grandchildren

  • Provide for vulnerable loved ones

  • Provide for children and partners from different relationships

  • Manage personal injury compensation

  • Reduce inheritance tax payments

  • Protect assets from creditors or divorcing partners.

We understand that every person’s financial and family situation is totally unique. Our lawyers will work closely with you and provide a bespoke plan engineered to your individual needs and requirements. We have unsurpassed experience with all aspects of trust law and taxation and can offer practical, tax-efficient advice on creating, administering, changing, and ending your trust. You’ll benefit from the fully comprehensive legal knowledge of our specialists across the fields of Wills, estate planning and tax law. Whether you hold assets in the UK or across the world, we can help.

Reviewing Your Will

We all know having a Will in place is vitally important, but of equal importance is regularly reviewing. It may be you need to change things, or you may not, but regularly reviewing will ensure you are kept up to date with any changes in the law and that it still suits your personal circumstances.Furthermore as house prices soar, accordingly Inheritance Tax (IHT) receipts are at record levels and with a freeze on threshold until at least 2026 and with current levels of inflation this is surely set to increase. This makes it all the more important to review not only your Will, but your estate planning too.When to review:

  • At least once a year. Just have a quick check that all is in order and it meets your needs and wishes.

  • Relationships – have you got married or divorced?

  • Assets – have they gone up and now put your estate potentially liable to IHT?

  • Circumstances – your executors – are your executors still capable or living near by?

  • Family – have there been any new children or grandchildren?

  • Retirement – have your needs changed following retirement?

  • Law – has the law changed which affects how you wish to leave your assets?

  • Tax – Is your Will as tax efficient as it could be?

While it may seem daunting, it need not be, provided expert advice is taken at the earliest possible opportunity and keeping your Will and estate planning regularly reviewed.