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Wills & Trusts

ABC Financial Services are delighted to offer our Will Writing and Trust Service in partnership with a leading professional will writing service in Essex. If you need a new will, a change to an existing will, or to put assets in a trust, we have the solutions that are right for you.

So What Is a Will And What Does That Mean To My Family?

A will is a legal document that ensures those that you do want to inherit your assets (family or friends) do inherit them in the way you intended and that those you don’t want inheriting (the government), don’t end up doing so.

A will sets out your preferences for the following:

• Who will manage your affairs for you after you die;
• Who will look after your children under 18;
• Who will inherit family heirlooms;
• Any gifts to charitable causes;
• Funeral Arrangements

When Can I Write A Will?

The short answer is now! The legal age at which you can write a will in England and Wales is 18. In Scotland it is 12 years of age and in Northern Ireland it is18 years old unless the person is married at a younger age. There are important events throughout your life that you should recognise as having an impact on either writing a will in the first place or amending a will that you already have. If you are planning to get married, buy any assets such as property or have a family, we really do recommend that you start the process of ensuring your will is drawn up correctly. If you already have a will, it is important to recognise that events in your life could have unintended consequences and you must ensure that it still provides for the things you want. In England and Wales for example, a will is invalid when you marry or enter a civil partnership, unless it is clearly specified that the will was written in anticipation of entering such an arrangement with a named person. It is not enough to set a will up in anticipation of marriage without naming someone specific.

The Top Ten Reasons Why You Really Need A Will!

1. A lack of clarity about your wishes can lead to family wrangling and potentially expensive legal bills.
2. Any uncertainty in your will means your family could suffer severe financial strain, particularly if you are the main breadwinner.
3. Your spouse may not inherit everything automatically – your children might inherit some, and if you have no children it could go back to other relatives. Your spouse could end up having to sell their home – this does happen.
4. In simple terms your money will almost certainly go where you don’t want it to, either in taxes, care home fees. Step-children or grandchildren may get nothing and if you’re not married to your partner, nor will they.
5. If your spouse re-marries, the new partner is entitled to half of everything, and the new partner is not obliged to spend anything at all on your children. Worse still, they can make a will which means your children are excluded from that money.
6. If your children are over 18, they can spend their shares in any way they like. There is nothing anyone can do to stop them, and this can leave your spouse with financial problems too.
7. Even if you’re separated from your spouse and don’t live with them, they still have a claim unless you specify otherwise.
8. If your spouse dies before you and your children are under 18 relatives must decide on guardianship. If they cannot, the court will, and this could mean social services or a care home.
9. Your assets are probably worth more than you realise and you could up paying legally avoidable tax to the Inland Revenue when this money could have gone to your family.
10. If you want to make a gift to a charity without a will, this will not happen either.

So What Should I Do About This?

First thing to do immediately is to check whether you already have a will. If you do, it is worth checking to ensure it does not need amending.

If you do not have a will, you should get in contact with ABC Financial Services and let our Will Writing and Trusts Service take care of everything. It’s simply not worth the risk that your loved ones fall victim to any of the above consequences. ABC Financial Services aims to provide a hassle free service with the sole aim of ensuring that your assets go to where you intend.

Get in touch with us now and we will be only too pleased to assist you in any way we can.