Protecting your children

This simple Will allows you to have a professionally prepared Will at a reasonable price. It is particularly appropriate for young families who may have some assets, such as a first home and who want to ensure their spouse will inherit, then their children. It also enables the naming of a guardian for your children.

Managing the tax burden for unmarried couples

This Will for cohabitees can help to mitigate Inheritance Tax (IHT). If your Will simply gifts everything to your partner, any value above £325,000 (the current nil rate band) will be taxed at 40%. When your partner dies, the value of their estate above the nil rate band will be taxed again at 40% – that’s a total of 80% paid to the taxman. When your estate is taxed twice this reduces the value of the estate available to your children once you both die.

By creating trusts in your individual Living Together Wills you can double the tax relief available to your combined estates. This could reduce the IHT burden by up to £130,000.

Ensuring your partner is financially secure

This Will is suitable for those whose family is growing up or if your estate consists of more substantial assets, including property, investments and savings. Dying without a Will means that the rules of intestacy govern how your estate is divided between your spouse and your children and this can cause significant issues for your spouse.

Our Family Will enables you to leave everything to your spouse, as well as providing specific gifts to your children and any other beneficiary you wish, such as a charity. When drafting Wills, we will always review your Inheritance Tax position and, if necessary, suggest an alternative type of Will such as our Capital Protection Will (see below)

Ensuring the right family members inherit

Divorce, second and third marriages, step children – today’s blended families need special consideration in your Will if your beneficiaries are to inherit as you wish. Without a Will, your new spouse could inherit all your assets and then make a Will which leaves everything to another person on remarriage. This means your children from your first marriage could lose out on assets that you intend for them.

The Wellers solution is to use trusts to ensure that if you remarry after a divorce, your new spouse benefits on your death while certain assets are protected (ring-fenced) so that your children can benefit once your new spouse dies.

Inheritance Tax liability can be substantial for spouses choosing to leave everything to each other in “mirror wills”. At Wellers we can assist you in setting up trusts which will enable you to provide for your spouse and substantially reduce IHT liability on their death.

To enable careful management of trusts and timely testamentary dispositions to children, as part of our Capital Protection Will we advise that Wellers are appointed as executors of the trusts. This means we can provide the strongest possibility of maximising the potential tax savings.

Protecting vulnerable loved ones

Your Will may need to provide protection for a vulnerable spouse or child who is unable to suitably manage a large inheritance. If this is the case, our Safeguarding Will is designed to see assets put into trust so that your beneficiary is financially secure and protected from loss of means tested benefits or conflict with other beneficiaries. The appointment of a trustee, perhaps a family member or Wellers’ solicitors, will mean the financial needs of your loved one will be carefully looked after once you have gone.

<b>Business Property Relief Will</b>: If you own a business, you may wish to draft your Will so that the asset does not become liable for IHT on your death. Wellers can perform an audit to confirm eligibility for Business Property Relief and then by setting up a Business Will Trust your beneficiaries will be able to benefit from the tax relief following your passing.

Saving Inheritance Tax on key business assets

If your trading business’s asset profile is not monitored correctly, you can end up paying 40% tax on its value, on death, instead of 0% Inheritance Tax. If it does qualify for Business Property Relief and you gift it to your spouse, this risks losing the tax relief.

We can perform an audit for you to confirm that your business qualifies for Business Property Relief now, which means you pay 0% Inheritance Tax on the value of your business. If it does not qualify, we can make recommendations to correct this. If your business qualifies, we recommend that we conduct a review with the assistance of your accountants on an annual basis. The rationale for this is that the business must qualify for two consecutive years immediately prior to death.

In conjunction with our Business Will Trusts we can ensure, with the cooperation of the business manager, that it continues to qualify for the remainder of your spouses’ life and thereafter. We advise that we are made trustees perhaps with your trusted business partner.

Ensuring the family home is not lost

If your home is your main asset and you wish to protect your capital share for future generations, the Wellers Home Protection Will can be drafted to ensure your share is put into trust upon your death. This could protect your legacy for your intended beneficiaries should your spouse go into a care home or remarry. Wellers can create a bespoke set of conditions and addendums to ensure your spouse is able to benefit in the way you wish as well as ensuring that capital is ring-fenced for your children.