Wills & Estate Planning
Goodniss Wills & Estate Planning Services
Plan Your Legacy with Confidence Through Goodniss Wills & Estate Planning
Will writing is not regulated by the Financial Conduct Authority.
Life has a way of throwing curveballs, and while planning for the future can feel like something to put off, ensuring your wishes are honored and your loved ones are protected is incredibly important. At Goodniss, we understand that creating a will and planning your estate are big decisions, and we're here to make the process as clear and straightforward as possible.
We act as your trusted partner, guiding you through the complexities of wills and estate planning by connecting you with experienced specialists. Our goal is to help you understand your options and introduce you to professionals who can draft a clear, legally sound will that truly reflects your individual circumstances and desires. These experts can also assist you in understanding various estate planning strategies, helping you make informed decisions about your assets, potential inheritance tax implications, and the smooth transfer of your estate.
With Goodniss, you'll gain the peace of mind that comes from knowing you've taken the essential steps to secure your future and protect those who matter most. Let us help you navigate this vital process with confidence.
Understanding Key Estate Planning Concepts (Discuss with a Specialist)
The following information outlines general concepts related to wills and estate planning.
A referred specialist can provide tailored advice on how these apply to your specific situation.
Will Trusts & Property
Will trusts are commonly used by married couples and civil partners and are set up when the family home is split – meaning each partner has 50%. In the will, the partners don’t leave their share of the property to one another and instead, they leave it in a trust which is activated when the first partner dies. Nil rate band trusts were a common way to avoid inheritance tax, as each partner would split the estate into halves so their half was not subject to any inheritance tax deductions and would, therefore, be below the nil rate band.
Transferable Nil Rate Band
Since 2007, the need for nil rate band trusts in property has lessened due to the introduction of transferable nil rate. A transferable nil rate band arises when one party to a marriage or dies and the amount of their estate that is chargeable to inheritance tax does not use up all of the nil rate band they are entitled to. The unused part can now be transferred to the surviving spouse or civil partner when they die.
Will Trusts & Long Term Care
The cost of care can be expensive but using a will trust when your partner dies is a way of avoiding the steep costs of care. If your partner dies, you have the right to remain in the house you shared together. If the time comes when you need to pay for care, only your share of the property is assessed (when you require care, your assets are assessed to determine how much the cost of your care will be).
Will Trusts & Inheritance
In order to avoid sideways disinheritance, you can set up a will in trust. Sideways disinheritance is when children do not inherit their parents share of an estate because they have remarried. If the surviving partner fails to make provision in their children for a new will, there’s a risk that everything will go to their new partner instead.
Are there any alternatives to Will Trusts?
After hearing about will trusts, you may have decided they aren’t quite what you’re looking for. If this is the case, then lifetime trusts may be of interest. Lifetime trusts come into play straight away, whereas will trusts only come into play after death occurs. Your house will be a gift to the trust and you can still live in it. This means that if you need residential care, your house will not be accounted for when your assets are assessed, which theoretically means your care will be cheaper. There is a risk that local authorities will call this a deliberate deprivation of assets and will, therefore, assess you as though your home was part of your estate, rather than in a trust.
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If you are interested in becoming a client or you would like to learn more about our services, then we would be delighted to hear from you.
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IMPORTANT INFORMATION
Please note that Goodniss acts as an introducer for Wills & Estate Planning services. While we will work to understand your needs and connect you with appropriate providers, any will writing or estate planning product or regulated advice on these solutions will be provided directly by our trusted third-party partners.
The will writing and estate planning sector in England and Wales is largely unregulated. This means that many individuals and companies offering these services do not have to meet formal qualifications, adhere to professional standards, or maintain professional indemnity insurance, unlike solicitors who are regulated by the Solicitors Regulation Authority (SRA).
These partners we refer you to may be appropriately authorised and regulated by the Financial Conduct Authority (FCA) where applicable (e.g., for certain investment-related aspects of estate planning), or they may offer unregulated services. It is crucial that you:
Verify the authorisation of any provider we refer you to, especially for regulated financial products.
Carefully review all terms, conditions, and product disclosures provided by the service provider before committing to any agreement.
Understand the full scope of any legal or financial commitment, including fees, charges, and any associated risks.
Ask about their qualifications, whether they are regulated by a statutory body, and if they hold professional indemnity insurance.
Improperly drafted wills or estate plans can lead to significant stress, unintended consequences, and financial burdens for your family. If anything is unclear, please ensure you seek independent professional advice directly from the service provider or another qualified expert before proceeding.