Wills, Trusts and Probate
Wills, trusts and probate cover the area of law which deals with planning for later life, ensuring children are provided for and putting your affairs in order through a variety of processes.
Perhaps never an easy thing to face up to, with many of us understandably guilty of putting such things to the back of our minds.
However, there is some comfort, reassurance and peace of mind to be gained in knowing that your affairs are taken care of after your death. By sorting out your affairs now, you will avoid future problems, distress or anxiety for your loved ones in the future.
We spend our lives working hard to provide for ourselves and our loved ones. You may have a property, savings, and investments as well as your personal and digital possessions. All of these assets make up your ‘estate’. Making a will ensures that when you die your estate is shared according to your wishes. Everyone ought to have a will, but it is especially important if you have children, if you own property, if you own a business or have investments, savings or insurance policies.
A trust is a way of managing assets (money, investments, land or buildings) for people. There are different types of trusts and they are taxed differently. To find out more click here.
Following the death of a loved one, probate is often the term used to manage someone’s estate (money, investments, land or buildings). Sometimes a formal ‘grant’ must be obtained from a court to enable their estate to be collected in and divided between their beneficiaries.