Both wills and estates are effective ways to divide up your estate and ensure that your assets go to your chosen beneficiaries in the event of your death. They can also help your loved ones avoid complicated dispute claims that tend to arise from individuals who want to make a claim against your estate. Inheritance disputes are common, but the likelihood is decreased if you have a will or trust in place. How can you decide which mechanism is best for you? Our will dispute solicitors are here to help.
Our qualified inheritance dispute solicitors have years of experience in helping our clients settle their claims, providing effective mediation to keep cases out of court wherever possible. There are various points of dispute that can arise following a person’s death in terms of their estate. From claims that the will is invalid to requests made to remove trustees and the right legal advice from a civil litigation solicitor could make all the difference.
The Importance of Wills and Trusts
Wills and trusts are both important documents that determine where an individual’s assets will go following their death. A will is created by a sole person (unless a joint will is made), and it determines who their finances, properties and other assets should go to. Wills come into effect following the death of the person who made it; named executors and beneficiaries will then apply for probate and distribute the assets as per the deceased’s wishes.
Opposingly, a trust will come into effect the day that it is created. There are various types of trusts available, such as a living trust and discretionary trusts. Trusts are a way to protect your assets and ensure that your loved ones have future financial stability. They can also avoid large inheritance tax sums. Assets such as money and property can be put into a trust, which the named trustee will be able to access. The assets within the trust will no longer form part of the estate.
Although not a legal requirement, signed and witnessed wills are advised to ensure that your estate is divided between your chosen beneficiaries. Although setting up a trust or leaving a valid will are still no guarantee that disputes regarding your estate will not arise, after your demise. Our will dispute solicitors work to solve contentious probate claims and provide a reliable legal expert service. You can find out more on our website here.
Should I Set Up a Will, Trust, or Both?
Although everyone should ideally make a will, trusts are not as commonly discussed, although they are a great way to keep your loved ones financially stable. Trusts can also avoid the lengthy, often costly process of probate, and create a more streamlined way for your family to access your assets. However, wills are typically cheaper to set up, and they are an easier way to detail precisely how you want your estate to be distributed.
There are no rules against making both a will and a trust to fully secure the future financial stability of your loved ones. If you have money or property that you would like to leave to children under the age of 18 , but you have other assets for other members of your family, setting up both a will and a trust might be a good idea. Will and trust disputes can still arise, but with the help of qualified litigation solicitors, the likelihood of these events becoming an issue are significantly lowered.
Creating a Will or Trust
To set up a will or trust, you should seek legal advice as soon as possible. By having a solicitor assist you, you can decrease claims of invalidity after your death. Here at Van Eaton Solicitors in Streatham, our will dispute solicitors have helped various clients fight against claims as well as bring them against an estate, providing honest advice and collecting relevant evidence if the case has merit.
If you would like more information on will and trust disputes, or you would like a free consultation, please give us a call on 0208 769 6739. Alternatively, you can fill out our online form here.