Wills and Estate Planning

At Mortgage Required we offer a comprehensive review of your personal and business assets to ensure you are fully aware of the impact that incapacity or death can have on you and your loved ones. We will take the time to discuss your aspirations and circumstances so we can advise you on the best solutions.

We are happy to offer a free review of any existing wills and estate planning that you already have in place to ensure that it fully meets your current and future needs.

Why do I need a will?

Only 40% of adults in the UK have a will in place and many of these to do not accurately reflect the wishes of the client or are simply not valid.

Making a will is the only way to ensure your estate goes to the right people. If you do not have a will your estate is distributed according to rules set by law.

If you make a will you can:

  • Ensure legal guardians are appointed for your children
  • Ensure an unmarried partner can receive your assets
  • Ensure if you have remarried or have step children they receive your assets
  • Potentially reduce your Inheritance Tax liability
  • Make specific gifts to named beneficiaries or charities

Who should make a will?

In short everyone, but particularly if:

  • You are married or in a civil partnership. If you die without a will your spouse inherits the first £250,000 and then half of the remaining. The rest is passed to children.
  • You are unmarried. If you die your partner has no right to your estate as it will pass to your relatives.
  • You have children. A will is the only way you can appoint guardians to look after your children. If you do not have a will they may go into care whilst the court decides who would be best.
  • Remarried couples. Any previous wills are revoked on marriage and the spouse’s estate passes to the new spouse which may not be what they wish.
  • Divorced clients. Any existing wills are not revoked on divorce so an ex-spouse would receive the estate if they are named in the will.

Why do I need a power of attorney?

Only 6% of the adult population have a power of attorney in place

Often Powers of Attorney are associated with the elderly, however this is a misconception. Powers of Attorney allow you to appoint someone to act for you if you are incapacitated, without this no one would be able to manage your affairs.

With no Lasting Power of Attorney (LPA) in place they would need to go through the courts to gain the authority, which can take many months and cost thousands of pounds.
Many think that if you have joint accounts you do not need one, this is incorrect as the Banking Association states that joint accounts should be frozen if either party is incapacitated.

So you may be unable to pay the mortgage, bills or any other expenses until you have gone through court.

Estate and inheritance planning

At Mortgage Required we can advise you on all areas of concern to ensure that their inheritance is protected for future generations. When assets are distributed direct, for example a house or cash so much can be lost.

The strategic use of trusts can ensure that your children and grandchildren benefit completely from your inheritance.

We will fully review your circumstances to come up with the most appropriate and tax efficient legal solutions.

For more information speak to our wills and estate planning team on 01628 507477.

All Mortgage Required Wills are underwritten by Lockyers Solicitors, specialist will and Estate planning firm.

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Your home may be repossessed if you do not keep up repayments on your mortgage.

There will be no fee for Mortgage Advice. There may be a fee for arranging a mortgage. The precise amount will depend upon your circumstances, but we estimate it to be £399.

Mortgage Required Ltd, Finance House, 5 Bath Road, Maidenhead, SL6 4AQ is authorised and regulated by the Financial Conduct Authority reference 573718 at www.fca.org.uk.

The Financial Ombudsman Service is an agency for arbitrating on unresolved complaints between regulated firms and their clients. More detail can be found on their website: www.financial-ombudsman.org.uk

Call: 01628 507477