Wills & Powers of Attorney

In many situations, people make assumptions about how their estate will be distributed on their death and therefore don’t make a Will. If you do not create a valid Will, your estate will be passed through the rules of Intestacy. These rules provide a strict hierarchy for the distribution of your assets. This could mean your assets do not end up where you wished, or could end up in a contentious legal battle.

Having a Will can also protect your children as you are able to appoint a Guardian to look after them, should both parents die prior to their eighteenth birthday.

Making a Will is also particularly important if you are in a relationship, living together or if you have remarried and there are biological and/or stepchildren who should benefit from your estate. They won’t necessarily benefit under ‘Intestacy’ so you will need to make provisions for this. If you have a partner, but are not married, they will also not be provided for should you die before making a Will.

If you are going through a divorce or other family conflicts, you should review any existing Will, or make a new Will, particularly if there are children involved.

Creating a Will yourself or through an online provider might look like a favourable option in terms of costs, however we’d strongly advise against this.

Wills are complex legal documents and can have serious repercussions if prepared incorrectly. Having a Will prepared by a Solicitor means that your Will would be explained to you to ensure that you understand the often complicated legal terminology. Our Solicitors will ensure you fully understand the effect of your Will and ensure it is prepared in the most tax-efficient way.

It is easy to make ambiguous statements or even errors when constructing your own Will, and a simple mistake could have vast consequences, meaning your assets do not end up with the intended beneficiary.

It is important to keep your Will updated to ensure it continues to reflect your circumstances. We would suggest reviewing your Will every five years, however if you have a serious change in circumstances such as a marriage, this should of course be reviewed sooner. 

At Goughs Solicitors, we’re happy to look at your personal circumstances to ensure your Will is still reflecting your wishes.

It is a common misconception that Lasting Powers of Attorney are for the elderly but mental incapacity can affect anyone, regardless of age. Unfortunately, no one knows what the future holds and anyone can have an accident or be struck down by an illness and in this respect a Lasting Power of Attorney is just as essential as having a Will in place. It is also useful to have a Lasting Power of Attorney in the event that you become injured or unwell and are unable to manage your finances temporarily as your Attorneys will be able to manage these with your consent.

By making a Lasting Power of Attorney you can have peace of mind that in the future all of your affairs will be dealt with by your chosen, trusted Attorney.

The cost of making a Will with a Solicitor can vary depending on the complexity of your estate and your individual requirements. For a more accurate quote, please contact one of our trusted Solicitors.

It is possible to write a Will without a Solicitor, but we strongly recommend seeking professional advice from a Wills and Trusts solicitor to ensure your Will is legally valid, clear, and caters for all your wishes. Solicitors have the expertise to address potential complexities and help you make informed decisions to protect your loved ones and assets.

Yes, Solicitors are experienced in handling trusts. We can assist in setting up various types of trusts, such as living trusts and testamentary trusts to protect your assets and ensure they are distributed according to your wishes, as well as managing trusts and ensuring Trustees are adhering to their duties.

A Trust Solicitor is a legal professional with expertise in matters related to Trusts. They specialise in advising clients on establishing and managing trusts, ensuring legal compliance, and safeguarding assets for beneficiaries.

While many types of assets can be placed in a Trust, certain assets, such as government benefits, IRAs, and certain pension plans, may have restrictions. Additionally, personal items with sentimental value are not usually placed in trusts. Consult with our trust solicitors to understand which assets can or cannot be included in a trust.

This depends on the value of your Estate and passes in accordance with the rules of intestacy, a spouse does not automatically inherit everything . Any joint assets that you have will pass to the remaining owner by virtue of the rules of survivorship. If you have children from previous marriages, it is particularly important to protect their share upon your death and our Solicitors are able to assist you with this.

Although it is possible to write your own Will, this is called a DIY Will, we advise seeking professional guidance from a Wills and Trust Solicitor to avoid potential pitfalls and ensure that your Will is legally sound.

Lasting Powers of Attorney (LPA) are legal documents that allow you to appoint someone you trust as an “Attorney” to make decisions on your behalf and manage your financial assets in the event that you lose capacity, or whilst you still have capacity as long as you give consent.

Learn more about what a Lasting Power of Attorney is in our article: Everything you need to know about Lasting Powers of Attorney

Yes, you can have multiple Attorneys. It is common for individuals to appoint more than one Attorney, providing flexibility and ensuring that someone trustworthy is available to make decisions on your behalf. This will save you from having to create a new Lasting Power of Attorney in the event that your Attorney died or was unwilling to act.

Power of Attorney forms are legal documents used to create and define the authority granted to an appointed attorney. These forms specify the powers granted and the scope of decision-making allowed on behalf of the individual creating the Power of Attorney.

Probate is the legal process of validating a will and confirming the executor’s authority to administer the estate. This document will show that the Executor has authority to deal with the estate so that they can deal with, and distribute, the estate.

An Executor is an individual appointed in a Will to manage the Deceased estate, ensure Inheritance Tax is paid and distribute the estate in accordance with the Deceased’s wishes. Executors have significant responsibilities, including distributing assets, paying debts, and handling legal matters.

A Trustee is a person or entity appointed to manage and distribute assets held in a trust according to the terms of the trust document and for the benefit of the trust beneficiaries. Trustees have a fiduciary duty to act in the beneficiaries’ best interests.