When it comes to estate planning, many people assume that creating a Will should be a straightforward and inexpensive process. After all, a Will is just a document that states who should inherit your belongings after you pass away, right? So why does it often come with a higher price tag than expected?
In this collection of legal blogs, we present a series of case studies that reveal how often people's situations are more complex than they realise and how we helped them navigate these complexities to create tailored Wills to suit their needs.
Case Study 1 – Fiona and George
Fiona and George, both in their late 50s, came to us looking to create what they assumed would be straightforward mirror Wills. They each had children from previous marriages—George had two adult children, and Fiona had one. They wanted to ensure that their respective children would inherit their assets while also providing for each other.
The Complexity
Blended families bring additional layers of complexity to estate planning. Fiona and George needed to balance the interests of their own biological children with their obligations to one another as spouses.
The challenge was to create Wills that ensured the survivor would be cared for, without inadvertently disinheriting their respective children or their joint estates only passing to one of their children.
The Solution
We helped Fiona and George create mirror Wills that included life interest trusts. These trusts allowed the surviving spouse to live in the family home and access income from the estate for their lifetime. Upon the death of the surviving spouse, the remaining assets would be distributed to the biological children according to the original parent’s wishes. We also made sure that their property title was held correctly to allow the trusts to take effect.
This approach ensured that both their children and each other were provided for, while avoiding potential conflicts and issues down the line.
Conclusion
This case study highlights that while a Will might seem like a simple document, individual circumstances often require more nuanced solutions. Creating a tailored Will ensures that all aspects of your life and legacy are thoughtfully and effectively managed. Investing in expert legal advice may come with a higher cost, but it provides invaluable peace of mind and prevents future complications for your loved ones.
Contact us
If you or a friend/family member are looking to prepare a Will , and would like to make an appointment to see one of our lawyers, please contact our enquiries team by email at privateclient@baker-law.co.uk or telephone 01252 733 770 and ask to speak to the Private Client team about Wills. We will be happy to provide details of our fees and procedure and arrange an appointment to meet to take instructions.
Comments