Hudson legal is a member of The Society Of Will Writers, a non-profit organization which regulates it’s members standard of practice. Through Hudson's membership at The Society of Will Writers you can rest assure the advice and service you receive coincides to the latest regulations.
Hudson Legal has professional indemnity cover for 2.5 million.
Why Make a Will?
A carefully planned and informed Will, will ensure your beneficiaries are protected. Not making a will means people you would like to benefit from your estate, may not be provided for.
A will can also allow you to make provisions for individuals you want to make special provisions for. For example grand children or vulnerable persons in the form of a trust.
Despite the recession property prices are higher than ever, Santander has predicted 947,606 homes in London being valued over 1 million by 2030. This makes any property you leave behind liable to heavy tax penalties; if you are a property owner you can make provisions for this in your will.
Rising property prices also makes it harder for your children or grandchildren to raise a deposit to get on the property ladder. Drafting your will skilfully can help your beneficiaries make the most out of their inheritance to allow for these financial provisions
Appointing a Guardian
If you have children under 18 years old appointing a guardian for them in your will is crucial in ensuring that their interests are looked after. If something happened to you and your partner, there are individuals you can appoint to take responsibility for your children (guardians).
A legally binding will gives you the opportunity to appoint guardians and even make financial provisions in your will for them for the purposes of bringing up your children. This means you can choose who your children will be brought up by and even provide for your children's upbringing in this circumstance. This is independent to any money you would like to be left for your children to inherit when they reach adulthood.
Will Writing Services
We offer the following services
Face to face consultation
Our comprehensive consultation service allows you to meet with one of our experienced Will & Estate Practitioners who will offer advice relevant to your personal circumstances. After providing us information on your estate value, beneficiaries and executors; any advice that we give is purely informative and any final decisions will rest with yourself.
We will help you make informed decisions on how to manage your asset base, whether it be capital, possessions or property. Careful estate planning can result in the probate procedure being as straight forward and cost effective as possible for your chosen beneficiaries.
Inheritance tax planning
Our advisers will inform you of the opportunities you have to protect your beneficiaries, reduce taxation on your asset base and avoid delays at probate. This means that your beneficiaries interests are protected at probate as well as any opportunities to avoid capital gains tax are explored. We provide a follow up service in the circumstance of a change in regulations regarding Inheritance tax.
Within our Inheritance tax planning service we explore any property protection, discretionary and specialist’s trusts that could be applicable to your asset base.
Our advisers carry out an evaluation of your existing assets and make a note of any provisions you would like to make for any beneficiaries. We also ask all the relevant questions regarding your individual finances and assets. After taking instructions we create an initial draft for you to look over and make any necessary amendments inclusive of the one off fee you pay.
Leaving no leaf unturned we are keen to offer the best service possible. We draft a Legally binding will, there are multiple facets of a will that establish it as a legal, binding document.
We offer to store a copy of your will for you at a small annual fee. When storing a will with us rest assure that your deeds will be kept safe and its content held in client confidentiality. An added benefit of storing a copy of your will with us is in the occurrence that you are ever in need to make any changes to your will we can do so with no delay or complications.
Making amendments to your will (Codicil)
If you want to update your will, you need to make an official alteration, called a ‘codicil’ or make a new will. We can go through this process with you making sure you change your will with optimal effect in line with current regulations.
Amending a will
If you fall under any of the below categories you may need to make or revoke your will in order to meet your new circumstances
Failure to make a will
- You risk a large percentage of your estate going to the government in Inheritance Tax.
- Failing to make a will also means that you’re considered intestate meaning that the state dictates who gets what from your estate. This not only disregards the people you would have liked to have made provisions for but leaves your assets open to claims from individuals whom you would not have wished to benefit from your estate. For example a previous spouse.
- If you are not married or you’re in a civil partnership your partner will not automatically inherit from your estate. In addition your previous spouse can make claims to any estate you leave behind. Excluding certain individuals out of your will can avoid any false claims from succeeding and avoid delays of inheritance to your intended beneficiaries.
- If you leave any children behind they risk being taken in by the state. This means there is no family influence on how they are raised or financial support. This is not what you want for your children. Introducing guardians into your will can help you make for your children in this circumstance.
- Not making a will can create unnecessary stress and pressure on your family at what is already a difficult time. After having lost a loved one your intended beneficiaries may have to then face court hearings against the courts decisions or against any individuals claim to your estate, whereas a will protects your assets after death; a LPA is probably the single best way to make sure that your Interests remain protected between being incapacitated until your death. After which your will can distribute your estate in the usual way .
- With the right advice and careful estate planning, you can significantly reduce the amount of Inheritance Tax your loved ones have to pay on assets they inherit.
Delay in making a will
A large proportion of society delay making their will until it is too late to maximise on the full tax advantage of estate planning.
The 7 Year Rule
The 7 year rule allows a British citizen to make gifts above their annual exemption without their beneficiaries being taxed IF the gift is made 7 YEARS prior to their death. One element of the rules around this law that many people are unaware of is that the seven year clock can be ‘reset’ with every gift given before the seven year period has expired on previous gifts. A tax is made on this gift however it gradually reduces according to Taper relief Law.
What is taper relief?
Gifts that you give prior to your death have the potential to be taxed up to 40%. One of the most important and perhaps misunderstood of these laws are on the 7 year Law and Taper relief regarding reducing the tax paid on gifts.
Some gifts you make within your lifetime may be exempt from Inheritance Tax or at least may be eligible for a reduction on the tax payable. These are known as Potentially Exempt Transfers.
If you give a gift over your annual allowance of £3000 and survive for a further seven years, then that gift will not be counted as part of your estate on death and will not be subject to Inheritance Tax. That’s the potential.
However, should you pass away within seven years of bestowing a gift, then the full amount of the gift will be counted as part of your estate. If this takes your estate over the current threshold value of £325,000, then your whole estate will be eligible to pay inheritance tax on the amount over the threshold at 40%.
The amount of tax payable is not static over the seven years prior to your death. Rather it is reduced according to a sliding scale dependant on the passage of time from the gift being made to your death.
Gifts do not count towards the value of your estate after 7 years. The sooner you make your will the better it is for your beneficiaries and the people you want to protect.
Only 2 of 3 Adults have their will written, leaving one in three people at risk of maximum taxation no control over asset distribution , no guarantee of guardianship for their children and open to claims from family members or previous partners.
Basic will fee £140
Mirror wills from £300
Contact us for more information on will categories and quotes.
How can we help
Call us today for some advice from one of our wills and estate practitioners. We will provide you with some relevant advice and suggestions on the steps you should take when approaching your will.
If you decide to make your will with us you will be discussing your matters with a delegated wills and estate practitioner who has full knowledge and understanding of your individual case through out the entire process.
We take pride in providing an excellence in client care, being a small firm we can achieve this for our clients.
Ready to talk?
Call us on 020 8566 5522
Office hours: Monday to Friday 9am - 5pm