Legal Advice

Making a Will

You should seek professional help to write your will if:

• you own property abroad
• you're trying to reduce your inheritance tax bill
• you have foreign investments or bank accounts
• you own a business that you're leaving to someone as part of your will
• you have people you are financially dependant on you other than your immediate family

Prices:

Basic Will:

£130.00

Property Protection Will:

£395.00

"We have made our Wills leaving everything to each other then to the children". Does this sound familiar? These are known as Mirror Wills. Sounds reassuring though doesn't it? But your children could in fact end up with very little or nothing at all.

The internet is full of advice on writing wills, inclusing writing your own will at no cost. However this is not a good idea should you need to utilise assets to pay for care.

If your surviving spouse has to go into care, they will have to use their assets to pay for their care until they get down to their last £14250. It is therefore not a good idea to leave your half share of the home to your surviving partner but instead leave them the use of your share. This can be achieved by making new Property Trust Wills. These legitimate steps must be taken while you are both alive and in reasonable good mental health. It is therefore important for couples to act now!

Most of our clients come to us having already made standard Mirror Wills or have been meaning to make a Will but simply haven't got around to it yet. With Property Wills, yourself and your spouse/partner each leave your half sahre of the home to the children in Trust but state that they are not to receive it during the lifetime of the surviving spuse/partner.  This half would then NOT be included in any future means test calculations for care fees. The surviving spouse is free to sell their share of the home, raise cash or move house. Your children are powerless to intervene but simply have to wait for their inheritance as they would have done previously

West Midlands Care Legal Services are your local estate law specialists and can advise on protecting your assets