In today’s society, you cannot sit through a television advert break without seeing a service that guarantees to handle your financial affairs once you are gone and offers a guaranteed payout, they often advertise a free will kit as part of their joining up plan.
Chances are, if you are over the age of 50, you are frequently targeted by marketers, wanting you to sign up to their company to handle your will after you are gone. This can be very overwhelming and often leads to people just picking a policy to be left alone.
Importance of wills
Going back to the 1830s, wills have provided a solid and legal starting place as to how a departed individual wishes their money, estate or other possessions to be handled when they have died.
Wills not only settle family disputes, but they also stop feuding families going to court if they have a disagreement over what was promised by the individual who has passed away.
Benefits of choosing a solicitor to handle your will
If you have a family, chances are you have thought about whom, within it, you would want to leave your money or your estate to.
When choosing a probate solicitor, it is always best to look for one who possesses specialist experience. Choosing a solicitor, over a TV advert has many advantages.
When drawing up your will, you don’t want to choose a company just to stop them from harassing you. Approaching a solicitor gives you the freedom to choose and will not result in your rushing this important choice.
Power of attorney
If push comes to shove and you do not have a family member or next of kin you wish to leave your money to, you may be able to appoint a specific individual with the power of attorney. This means that when you are gone, this chosen person will be responsible for handling your financial and estate-based decisions.
All probate solicitors are experienced in drawing up this extremely powerful document and can even assist in the process of ensuring your wishes are met after you pass away. They can also advise you on limitations which should be considered when drawing up the document.
If you are looking to leave your family a substantial amount of money, you may be worried about any taxes that will be paid on your family’s inheritance.
Probate solicitors are well advised on this worrying loophole in UK law. Many solicitor firms work closely with specialist external tax advisors and combined, these two professionals can arrange the appropriate tax arrangements, which will allow your family to avoid high-cost inheritance tax, income tax and capital gains tax. Not many companies advertised on television can offer their customers that peace of mind.
Investing in an experienced solicitor will provide you, and your family with peace of mind and security for when times get tough.