Wills and Trusts
Fixed rules dictate how property and possessions are passed to others when you pass away. The only way to avoid these definitive rules and ensure your assets are protected or distributed as preferred is to make a legal will or trust. Taylor James advisers have been providing bespoke will and trust advice to give individuals unrivalled peace of mind.
What are wills and trusts?
A will is a legal document that states how an individual’s assets and possessions should be distributed when they pass away. The responsibility of ensuring the deceased’s will is followed is given to an executor of the will.
A trust is an arrangement that gives another person - known as a trustee – the right to hold and manage assets for someone else. There are different types of trusts available in the UK. A living trust is set up and managed by the individual while they’re still alive, whereas a testamentary trust is set up after the individual dies based on instructions left in a will.
What are wills and trusts? (continued)
To make a will or trust in the UK you must be at least 18 years old and of sound mind. The will or trust must also be made wilfully. There are further criteria as to what makes a will or trust legal. This is best discussed with an adviser.
Key considerations before proceeding
Creating a will or trust gives you peace of mind regarding what will happen to your assets after you’re gone. Both can ensure your wishes are followed exactly as you prefer. However, to make sure events play out as you envision, there are some key considerations.
You need to consider:
Key considerations before proceeding (continued)
- Which individual will be a suitable executor of the estate or trustee? This requires a clear understanding of their exact roles and responsibilities in these roles.
- The tax implications of using a will or trust
- How assets can be protected and persevered when using a trust
Benefits of getting will and trust advice first
It’s advisable to receive will or trust advice before creating your will or trust. This will ensure you make the most suitable choices in line with your needs and expectations. The adviser will even help you distinguish between a will and trust options, so you know what’s best for your circumstances. The adviser will even help you understand how wills and trusts could be tax-efficient and help you to manage and review your will or trust over time.
Taylor and James will and trust advice
Speak to a Taylor James adviser to clarify if a will and/or trust is best suited to your personal needs. Our advisers are ready to help you make the right calls when it comes to creating a will or trust.
Call us today for a no obligation chat about planning your financial future.
Call: 0203 859 3320
Email: contact@taylorjamesfs.co.uk
Please note:
- Advice and services in relation to wills and will writing is not provided under the agency of Rosemount Financial Solutions (IFA) Ltd, and Rosemount Financial Solutions (IFA) Ltd accept no responsibility for this aspect of our business.
- The financial conduct authority does not regulate advice and services on estate planning or will writing.
- The financial conduct authority does not regulate trust advice and some forms of taxation.
FAQs
You are never too young to consider will and estate planning services from qualified financial advisers. Although, many people turn to these services after major life events, such as having a baby, buying property, reaching a certain age, entering retirement or being diagnosed with a serious illness or medical condition. Taylor James welcomes people of all ages to contact our team and learn more about our reputable services.
Some people will wish to add a Lasting Power of Attorney as part of their will and estate planning strategy. The process of appointing a Lasting Power of Attorney takes up to 20 weeks, provided there are no mistakes within the application. Taylor James advisers will ensure your application is submitted correctly to avoid any delays.
It may be possible for estate beneficiaries to legally mitigate their inheritance tax liability through careful will and estate planning services. This is one of the most commonly cited reasons that people use will and estate planning advice services. However, this is not the only reason to consider will advice and estate planning services. Speak to our team to learn about the other potential benefits.
No, estate planning and tax planning are not regulated by the Financial Conduct Authority. This makes it even more important to get tax and estate planning advice from a qualified and experienced financial adviser. All advisers working at Taylor James are fully accredited and knowledgeable in this area.
FAQs
You are never too young to consider will and estate planning services from qualified financial advisers. Although, many people turn to these services after major life events, such as having a baby, buying property, reaching a certain age, entering retirement or being diagnosed with a serious illness or medical condition. Taylor James welcomes people of all ages to contact our team and learn more about our reputable services.
Some people will wish to add a Lasting Power of Attorney as part of their will and estate planning strategy. The process of appointing a Lasting Power of Attorney takes up to 20 weeks, provided there are no mistakes within the application. Taylor James advisers will ensure your application is submitted correctly to avoid any delays.
It may be possible for estate beneficiaries to legally mitigate their inheritance tax liability through careful will and estate planning services. This is one of the most commonly cited reasons that people use will and estate planning advice services. However, this is not the only reason to consider will advice and estate planning services. Speak to our team to learn about the other potential benefits.
No, estate planning and tax planning are not regulated by the Financial Conduct Authority. This makes it even more important to get tax and estate planning advice from a qualified and experienced financial adviser. All advisers working at Taylor James are fully accredited and knowledgeable in this area.