Services

Will Writing with Haven Wills & Estate Planning

Making a will is one of the most responsible things you can do in your life. It takes decision making away from the courts and ensures your property, savings and personal possessions are distributed to the people you choose in the manner you wish.

You can put off making a Will until it is too late and this can create many problems for the people left behind. Not making a Will could mean that some, or all of your inheritance either goes to the wrong person, or to the state.

Making a Will enables you to plan exactly what will happen to your property and assets (estate) following your demise. This ensures that those you would like to benefit actually do so, in accordance with your wishes, and avoid any possible disputes between relatives. Most importantly, a will provides peace of mind.

Without a Will:

You cannot be sure those you would wish to benefit will actually do so.
Your spouse/civil partner will not automatically inherit ALL of your Estate.
‘Common Law’ partners may not receive anything.
Minor children could be taken into Care whilst Guardians are appointed.
There could be lengthy delays for your Beneficiaries and disputes.
You cannot prevent certain family members from benefiting.
You will not be able to leave something to friends, colleagues or charities, which fall outside of the Rules of Intestacy.

Trusts

About

Trusts are one of the most valuable financial planning tools, but they are also one of the least-well understood.

A trust is similar to a treasure chest – it’s a safe, locked box holding valuable contents for somebody else’s benefit.

The person who sets up the trust, the settlor, puts cash or other assets into the treasure chest and locks it.

The keys to the treasure chest are held by trustees (usually including the person who sets up the trust). The trustees can unlock the treasure chest, change the assets inside and distribute the contents in line with the terms of the trust.

Who is Involved With a Trust?

There are three key roles within a trust – the settlor, the trustees and the beneficiaries

· The settlor is the person who establishes and puts assets into the trust. Settlors are usually individuals or couples.

· The trustees are the people who control and oversee the trust. Anybody can act as a trustee as long as they are over 18 and have full mental capacity. Often the settlor will act as a trustee to keep an element of control over the trust.

· The beneficiary of the trust benefits from the arrangement. For example, they may receive money from the trust or the right to occupy a property. Certain trusts give the trustees discretion over how and when these benefits are given to beneficiaries.

Trusts and Tax

Different types of trust are subject to Income Tax, Capital Gains Tax and Inheritance.

The rates and allowances vary according to the type of trust and how the beneficiaries stand to benefit from it.

Helping You Protect What Matters the Most

Estate Planning

Passing on your assets effectively

Estate planning isn’t just about passing on money when you die – it’s also about enjoying life now and ensuring you have enough to live on. This is why it’s so important to start planning early. We can show you how much money you will need, help you to pass on assets in the most effective way, and work with you to reduce or manage an Inheritance Tax bill.

We can make sure your money ends up with the people you want, for the reasons you choose

Many people want to keep an element of control when passing on their assets. They may want their money to be used for a particular reason, such as paying for school fees or for a first house deposit. Or they may just want to make sure their money stays within their family. We can give you advice to ensure your money ends up with the people you want, for the reasons you choose.

Making financial gifts

There are many ways to give away money. They range from one-off cash gifts to gifting a regular income, and setting up trusts for long-term giving or where future control may be important. We can talk you through the options and help you to find the most appropriate choice. We can also help you to use your annual gifting allowances and navigate the potentially complex tax rules.

How much can you afford to spend or give away?

Estate planning usually involves spending and giving away money, but some people hold back because they are worried about running out in later life. We can show you how much money you will need to maintain your lifestyle, while taking into account other potential expenses such as the cost of long-term care. For this reason we usually advise our clients on estate planning as part of a discussion about their wider financial planning.