Whether you are buying or selling a property there are several things that should be considered over and above the transaction itself. These considerations include the more obvious things like finances, insurance and utilities.
One of the most common things that is often overlooked in this process is the creation or updating of your will.
A will is not required to complete a property transaction. However, it does make a lot of sense to consider updating or putting one in place at this time. Buying or selling a property is a substantial change to your circumstances and should be reflected in any future planning and a will helps with this planning.
Why have a will?
A will may be the most important document that you ever write:
Your children. A will can help protect your children. It can include naming a guardian or ensuring that they are provided for financially.
Protect dependents. The law states that only blood relatives, spouses or adopted children can automatically inherit, whilst step-children or partners and friends will need to be detailed in a will.
Create clarity. Having a will clearly defines how your estate should be distributed, avoiding uncertainty and minimise the chance of contesting of who should get what.
Inheritance tax. A will could mean paying no inheritance tax. The amount of inheritance tax that will be charged from your estate depends on how much you have and also who you leave it to.
Executor. Deciding who you would like to settle your affairs. You can name an executor, or multiple executors, who will be in charge of carrying out your final wishes. This is also a service that we can provide for you.
Pets. You can provide for who you want to look after your pets. If you have dogs, cats, or any other pets, they may also need to be looked after if you pass away.
Digital assets. A will can help you to protect your digital assets, such as music, photos or websites. The value, both financially and sentimentally, can be invaluable.
Charitable contribution. Your will can also define any charitable contributions that you want to make and which can also be tax deductible.
Is setting up a will time consuming?
Contrary to popular belief, setting up a will can be a quick and straightforward process if managed correctly. Our dedicated solicitors can walk you through the process in a free, no obligation call. Once you are ready to proceed, your will can be completed in as little as one further call, where our Private Client legal team will capture the information required to produce a draft of your will for you to approve.
Is a will expensive?
At MOV8 we believe in delivering real value instead of the lowest cost. The costs, financially and emotionally, of not having a will will far outweigh the price. We will agree the cost upfront with you so that you have certainty around what you will pay.
Power of Attorney
This is perhaps as important and, in some cases more important, than a will. In the event of you losing the ability to make and carry out decisions, even temporarily, a Power of Attorney grants legal powers to someone else to do things on your behalf. This can be as simple as someone else operating a bank account to ensure that household bills can be paid or it can even provide for someone to make decisions on your behalf about care and welfare if you are unable to. Appointing an attorney without a valid Power of Attorney can take months or even years, involves court proceedings and can cost several thousands of pounds.
Our experts will discuss this with you when we talk to you about your will. A discount is available for purchasing a will and power of attorney at the same time.
Quite simply, we always put our clients first. We make sure we understand what your requirements are, take you through every step, avoid the use of industry jargon and make sure you have a dedicated experienced professional managing your case.
This is why we have been rated 5 stars by over 1,500 reviews on Trustpilot, by people like you for value and service.
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Get in touch today on 0345 646 0208 to find out more about our great value, fixed price Private Client services