Wills & Trust Drafting
Although Wills and Trusts serve different purposes, both are invaluable documents that work to protect your loved ones and your legacy.
A Last Will and Testament is a legal document that governs what happens to your assets and personal property after you pass away. In this document, you name your beneficiaries, guardians for your minor children, if any, and you also designate your executor, or the individual(s) who administer your estate after you pass away. Without a Will in place, your estate will be subject to the Rules of Intestacy, which depending on your personal situation may not be favorable or in accordance with your goals and wishes. To understand further how the intestacy rules work in the United Kingdom, read our blog article here.
A Trust is similar to a Will in that it is a legal document that governs what happens to your assets after you pass away, but differs in that it can also protect your assets while you are alive. Trusts are typically suitable for those who wish to engage in cross generational tax planning, are charitably inclined or wish to provide a means of support for a vulnerable or minor beneficiary.If you need help with wills and trust drafting, Mancini Legal in Horsham can help you.
FAQs
How much does it cost to get a Will or Trust drafted by Mancini Legal?
While Mancini Legal strives for price transparency, we are unable to provide a final cost for the drafting of a Will or Trust until we have met with the client and discussed his or her personal situation at hand. However, we are happy to provide the following estimates of cost below.
Service Estimate of Cost
Initial Consultation (at one of our local Offices or virtually) Complimentary
Standard Single Will £325.00 – £450.00 plus VAT
Single Will with Inheritance Tax Advice & Trust Planning £500.00 – £800.00 plus VAT
Standard Mirror Wills £500.00 – £800.00 plus VAT
Mirror Wills with Inheritance Tax Advice & Trust Planning £850.00 – £1,500.00 plus VAT
Will a Standard Single or Mirror Will address my concerns?
Our standard will typically works best for those individuals and couples whose estates are not at risk of being subject to an inheritance tax upon their deaths. Additionally, these wills work best when the named beneficiaries will receive their distributions absolutely, outright and free of trust.
Do I need Inheritance Tax Advice and Trust Planning?
In the United Kingdom, the current inheritance tax threshold is £325,000. On the date of your death, if your estate is valued at £325,000 or more, your estate may be taxed up to 40% for inheritance taxes. However, the United Kingdom offers an exemption of £325,000 on all estates, known as the nil rate band, which can greatly reduce or eliminate an estate’s tax liability. Furthermore, depending on whether you are married, to whom you are leaving certain assets to, and if you have a specific trust in place, your estate may be eligible to utilize further exemptions to reduce your IHT bill. Given that inheritance tax planning is a complex area of the law, we highly recommend that you contact us today and speak with a team member in our private client department who can help you.
How do I know if I should be contacting you for a Will, for a Trust, or both?
The Private Client Team at Mancini Legal is prepared to advise you on the best mechanism to ensure your goals and wishes for your estate and loved ones are accomplished through the right legal documentation. Our administrative staff is trained to ask you the right questions when you contact us so that you are placed in the right team member’s hands for your estate planning needs. Let us do the hard work for you – we enjoy it!
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