Ilyas Patel Accountants in Preston
SPECIAL OFFER - Free Wills
Through January, we are offering Free Wills through our partnered Solicitors
Take the First Step Now! It only takes 12 minutes to complete our easy-to-use sign-up form.
Once submitted, we’ll process your entries within a week and schedule your appointment for late February or early March.
Don’t miss this opportunity to ensure your wishes are respected and your loved ones are cared for.
Why Should You Write a Will?
Writing a will is one of the most important steps you can take to protect your family and secure your legacy. Here are a few key reasons why it’s essential:
Peace of Mind: Knowing that your affairs are in order brings peace of mind to you and your loved ones. A will clarifies your wishes and ensures they are carried out.
Protect Your Loved Ones: A will allows you to designate guardians for minor children, provide for family members, and even care for pets.
Avoid Legal Complications: Without a will, your estate may be subject to time-consuming and stressful legal processes. A will simplifies these proceedings and ensures your assets are distributed as you wish.
Charitable Contributions: If you have a cause close to your heart, a will enables you to leave a lasting legacy through charitable donations.
Flexibility and Control: Writing a will gives you control over your assets and helps avoid potential disputes among family members.
Take control of your future today. Fill out our free will sign-up form and rest easy knowing your legacy is secure.
10 Benefits of Writing a Will
Life is unpredictable, and it is important to be prepared for the unexpected.
Are you worried about making sure your loved ones are taken care of in the event of your incapacity or death?
A Will may be the solution you’re looking for, along with other legal ways of planning your inheritance.
Here are the main benefits of securing your future through inheritance planning and writing a Will:
1. Protection of assets: A Will can ensure that your assets are distributed according to your wishes and protect them from being taken by the government or creditors.
2. Avoiding probate: the probate process can be avoided, which can save time and money for your heirs.
3. Providing for loved ones: including children and grandchildren, in the way that you see fit.
4. Appointing guardians for minor children: A Will allows you to appoint guardians for your minor children in the event of your death.
5. Avoiding family disputes: avoid disputes over the distribution of your assets.
6. Planning for incapacity: A Lasting Power of Attorney allows you to appoint someone to make decisions on your behalf in the event you become incapacitated.
7. Avoiding court-appointed guardianship: A Lasting Power of Attorney can help avoid the need for a court-appointed guardianship.
8. Protecting assets for beneficiaries: A Life Interest Trust can provide for beneficiaries with income while still protecting the assets for future generations.
9. Reducing taxes: Proper estate planning can help reduce taxes on your assets.
10. Peace of mind: Having a Will can give you peace of mind knowing that your assets and loved ones are protected.
Why a solicitor?
It is advisable to have a solicitor to draft your Will for these reasons:
• Legal expertise
• Avoiding mistakes
• Advising on the appointment of attorneys/trustees
Overall, having the help of a solicitor to plan for any eventualities can provide peace of mind.
The team will take the time to understand your financial and family circumstances, to provide practical advice to mitigate your tax liability.
Why Should a Solicitor Write your Will?
A solicitor can…
• Ensure that your will is legally binding and properly executed.
• Advise you on any potential legal issues or complications that may arise and help you to make informed decisions about its contents.
• Help you to plan for the distribution of your assets and ensure that your wishes are carried out in accordance with the law.
• Finally, they can also help to protect your assets and minimise taxes to the greatest extent possible.
It is important to consult a solicitor when making a Will to ensure that it is done correctly and that your wishes are carried out as intended.
DIY Wills and Their Dangers
While the idea of creating a will yourself might seem convenient and cost-effective, DIY wills come with their own set of risks and potential pitfalls:
• Validity Issues: For a will to be legally valid, it must meet specific requirements, which vary by state. DIY wills often fail to comply with these legal standards, making them invalid.
• Oversights and Errors: Without professional guidance, it’s easy to make mistakes or overlook critical aspects of estate planning. These errors can lead to disputes, unintended disinheritance, or other issues that undermine your wishes.
• Complexity of Assets: If your estate involves complex assets, business interests, or specific desires for distribution, a DIY will might be too simplistic to address these adequately.
• Seeking Expertise: While DIY wills might seem appealing, the potential risks often outweigh the benefits. It’s advisable to consult with legal professionals who can ensure that your will is valid, comprehensive, and tailored to your unique circumstances.
Lasting Power of Attorney
A Lasting Power of Attorney (LPA) is a vital legal tool allowing you to appoint someone you trust to make decisions on your behalf if you lose the capacity to do so.
It covers two crucial areas: financial decisions and health and welfare, ensuring your affairs are managed according to your wishes.
Setting up an LPA provides peace of mind, avoids the lengthy and costly process of court-appointed deputies, and ensures your affairs are handled smoothly and efficiently.
Given its importance and complexity, seeking professional advice is highly recommended.
Life Insurance Trusts
A Life Insurance Trust is a crucial estate planning tool that allows you to place your life insurance policy into a trust, potentially reducing or eliminating estate taxes and providing direct benefits to your chosen beneficiaries.
By maintaining control over the policy’s terms and beneficiaries, a trust ensures that the proceeds are used according to your wishes, offering security and financial stability to your loved ones without the delays of probate.
Given its potential tax benefits and the complex nature of trusts, consulting with a professional is highly advised to tailor it to your specific needs and goals.
Asset Protection Trusts
An Asset Protection Trust (APT) is a strategic legal arrangement designed to safeguard your assets from future creditors, lawsuits, or claims.
By transferring your assets into the trust, you can maintain some degree of control and access while legally distancing them from potential threats.
This type of trust is particularly valuable for individuals with high-risk professions or significant assets to protect.
Due to the intricate laws governing trusts and asset protection, it’s crucial to seek professional legal advice to ensure compliance and maximise the trust’s effectiveness.