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Wills and Trusts

There are three things we all should think about making, a Will, a Trust and a Lasting Power of Attorney.

We don’t have to make any of these, it’s our choice. If we choose not to them it can become

  • More expensive to manage our assets
  • We may have to pay more inheritance tax
  • Harder for someone to make decisions for us

Wills

Making a will lets you choose what you would like to happen to your assets

  • Sets out who I want to leave my assets to
  • Provides for inheritance tax management
  • I can make gifts to charities
  • Helps avoid family squabble

Statutory Wills

If someone cannot make a regular will, because they lack sufficient mental capacity or they choose not to and lose mental capacity a statutory will can be created for them. These are more complex than drafting a regular will and involve the court confirming that the drafted will meets that persons needs.

Craybeck Law will draft a Statutory will if needed.

Whats does a will look like?

Trusts

Trust created by declaration of trust, known as a trust deed. The trustees to hold the property or assets on behalf of somebody else, this is the beneficiary. When the trust comes to an end at a specified time, the beneficiaries are paid the money from the trust.

Making a trust allows you to manage money and assets for your family, friends and for inheritance tax purposes.

Why Make a Trust

  • Protects assets
  • Protection for beneficiaries
  • Retaining control over assets and beneficiaries under the trust’s terms and conditions
  • Saving tax
  • Treating income and capital of a gift in different ways
  • Helping to avoid costly probate
  • Potential to minimise Care Home Fees
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Craybeck Law is a virtual law firm, which means we do not have an office to visit. Instead we come to you. If you live within the M25 area or close to it, it does not costs any more for us to visit you.

Craybeck Law LLP is authorised and regulated by the Solicitors Regulation Authority (SRA No. 646667)


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