Welcome to Kat's Wills and Estate Planning, where securing your future is my top priority.
With expertise and dedication, I'm here to guide you through the process of creating a will that reflects your wishes and safeguards your legacy. Whether you're just starting to consider your estate planning needs or seeking to update an existing will, trust me to provide professional, personalised, and accessible services tailored to your unique circumstances.
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Let's embark on this important journey together, ensuring peace of mind for you and your loved ones.
What is a will?
A will is a legal document that you make to set out your wishes and ensure that your estate is distributed the way you want it to be after you have passed away. It allows you to ensure your loved ones are looked after when you are no longer here to help them.
A will allows you to set out all of your wishes about who you want to divide your estate up on your behalf and how you would like it to be divided. You can choose who will look after any funds that may be held on trust for any of the people benefiting from your estate in circumstances where trusts are required.
Why do I need a will?
This is a question many people often ask mainly because they feel they do not have enough assets or have heard stories of wills being contested. Either way, they do not believe there is a point in making a will. However, the key reason to make a will is because it gives you the best chance to distribute the estate as you choose.
Without a will in place before you die you will be classed as dying intestate. This means you have no control over how your estate is divided. Nor do you choose who does or does not benefit from your estate. If, for example, you wanted to gift a piece of jewellery or an ornament to a friend or certain family members, you would not be able to if you die intestate.
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Without a will you would not be able to name the executor who deals with your estate, who will be trustees and look after any part of the estate gifted to minors or vulnerable people, or choose a guardian who will look after any children who may still be minors at the time of your death. This is because your estate would be divided according to the rules of intestacy which are set out in law by the government. However, if there is no one to inherit through the intestacy rules then your estate will be transferred to the Crown.
Types of Trust
A Trust Will is a will that has a specific trust included in it.
There are various types of trusts but I will look at the main ones that will often be set up in a will.
A Discretionary Trust
A trust that can be set up which will leave part or the whole of the estate to be held on trust for a single or multiple beneficiaries.
Examples include:
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Provision for future needs, such as assisting a grandchild who may require additional financial support compared to other beneficiaries.
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Supporting beneficiaries who may lack the capability or responsibility to manage their finances independently.
There are advantages and disadvantages to setting up a discretionary trust which I can discuss with you in full detail.
A Vulnerable Persons Trust
A trust that can be set up when at least one of the beneficiaries is classed as a vulnerable person - for example, someone under 18 whose parent has died or a disabled person who is eligible for certain benefits. This type of trust can be beneficial to help reduce inheritance tax, but the estate has to be used largely to benefit the vulnerable person. Any other beneficiaries are only allowed to receive small sums each year.
Just like discretionary trusts there are advantages and disadvantages which I will discuss in full detail with you if this trust may be applicable.
A Life Interest Trust
A trust that is usually used if you are an owner of a property either solely or with another person and you wish to leave your share of the property to a beneficiary or group of beneficiaries but want a person to have the right to reside in the property for their lifetime.
It can be used in other circumstances too but this is the main situation. I would discuss any other situations with you if deemed necessary in your circumstances.
Downloadable Guides
Essential, Easy-to-Read Guides to Help You Understand Wills and Lasting Powers of Attorney
At Kat's Wills and Estate Planning, I offer the versatility to meet clients both locally in Newcastle and remotely via video calls anywhere in the UK.
Whether you prefer in-person consultations or the convenience of virtual meetings, I'm here to provide expert will writing and estate planning services tailored to your needs, regardless of your location. Standard wills start at £150 and joint wills from £200, so get in touch to book your appointment today, and let's start planning your future together.
Client Stories
How I've Earned Their Trust
I choose Kat's Wills because it mentioned special needs - I needed something put into place for my son and did not know where to start... Kat's Wills explained my options and thoroughly went through everything... a lovely lady who put me at ease straight away. Would recommend to everybody.
GILLIAN H.
Very professional and experienced, affordable will writer. I am delighted with mine, thank you.