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Wills
At Bermans, our private client team pride themselves on working with you to prepare future planning documentation that reflects your personal circumstances and priorities.
Our Private Client team are able to prepare everything from a simple Will using our fixed fee service to complex Will documentation that accounts for a variety of dependants, businesses and tax planning needs. We work carefully with accountants, financial advisors and, wealth and asset managers to ensure your carefully curated estates are managed according to your wishes.
Why make a Will?
There are many reasons to consider preparing a Will, including making provisions for your family and loved ones in the event of your passing. With a properly drafted Will, you are able to specify who you trust to carry out your wishes as well as who should be named as guardian or trustee in the event you leave behind any dependents.
While there may be personal or sentimental reasons to create a Will, there can also be financial incentives to prepare a properly drafted Will. While it is true that a simple Will can be created on something as informal as a scrap of paper, if it is executed correctly; however, a carefully considered Will also has the potential to reduce or even negate the payment of inheritance tax.
By preparing your Will, you have the ability to protect your assets for chosen loved ones and future generations and you may be able to include schemes to reduce residential care costs.
What are the risks in not having a Will?
If you die without a Will, your assets will be distributed under the rules of intestacy, which may not reflect your actual wishes and could leave people you consider family without any provision at all. For example: if you are cohabiting but are not married, your partner could be forced to leave the home and receive no benefit from your estate.
It’s also worth noting that a poorly drafted Will can fail to give effect to your wishes and can leave loved ones without provision in the event of your passing.
How long is a Will valid for?
If you have already made a Will, it is important that it is kept under regular review, to ensure it reflects your current wishes and circumstances. For instance, you may now have children or grandchildren and some of the previous beneficiaries may have died. Events such as marriage or divorce can mean that all or part of your current Will is automatically revoked, which can result in you relying on the rules of intestacy, if you do not make a new Will.
How do I change my Will?
There are two ways in which you can make changes to your Will:
- A Will amendment: in effect this will provide a whole new Will document for you to sign allowing you to destroy the old (out of date) version.
- Alternatively, through the use of a codicil: this will provide a document which will be read alongside your current Will. Depending on the changes you wish to make, our private client solicitors provide guidance as to the most appropriate method of amendment to your estate planning documentation.
How do I prepare a Will?
The first step is to arrange a conversation with our private client team. This can be over the phone, via video call or face to face. Our private client team will help make the process as simple as possible while catering to your needs, and working to your timeline as closely as possible. In urgent cases, a new Will can be prepared in as little as a few days.
I need a Will urgently, how quickly can this be prepared?
We appreciate that sometimes estate planning is needed in an emergency, due to a change in health and well-being or following a life-limiting or terminal diagnosis. Our expert private client solicitors are available to come to you where necessary, offering the same level of expert care and attention.
Do I still need a Will if I am married?
Being married does not eliminate the need for a Will, having a spouse or civil partner does not always mean that all assets simply pass to them. If you have questions about your estate, please contact our private client team to discuss your circumstances.
Contact the private client team
When is the right time to make a Will?
There is no right or wrong time to make a Will. You must be at least 18, and have testamentary capacity.
Preparing a valid Will is essential for anyone that:
- Owns their home, or has any form of savings, wealth or financial/ business interests;
- Has children, spouse or civil partner;
- Co-habits or lives within a blended family;
- Has an estranged partner or spouse.
What happens to my Will once it is signed?
There is no requirement to register a Will in the UK. There is a National Will Register however, this is optional and incurs its own fee.
We are able to store your Will for you, free of charge. We offer this to clients as part of the service. We strongly advise letting a loved one know where your original document is stored, to make things easier in the event of your passing.
How much does a new Will cost?
We offer a fixed fee model for simple Wills, where tax planning is not relevant. On this basis a single Will is £450, with a pair of mirror Wills priced at £850 (plus VAT). Where Will Trusts are required following conversations on succession planning, Wills are prepared on an hourly rate basis.
For more information get in touch with our team by calling our Manchester or Liverpool offices.