What is a will?
A will, also known as a "last will and testament," is a legal document that outlines a person's wishes for the distribution of their assets and property after they pass away. It is a way for individuals to ensure that their assets are distributed according to their wishes, and can also be used to designate guardians for minor children or to name an executor to manage the distribution of assets.
What is a Trust ?
A trust is a legal arrangement in which a person, known as the "trustor" or "grantor," transfers assets or property to a "trustee" to manage on behalf of designated beneficiaries.
The trustee has a fiduciary duty to act in the best interests of the beneficiaries and manage the assets according to the instructions outlined in the trust agreement. Trusts can be used for a variety of purposes, such as estate planning, asset protection, and charitable giving. For example, a trust may be created to manage and distribute assets to children or other family members after the trustor passes away. Trusts can also be used to protect assets from creditors or to minimize estate taxes. There are different types of trusts, including revocable trusts, irrevocable trusts, and living trusts. The specific type of trust used depends on the individual's unique needs and goals. Trusts are often complex legal arrangements, so it is important to consult with a qualified attorney or financial advisor before creating a trust.
Do you do home visits?
This is most often asked by a prospect: Do you do home visits?
Yes, we do. We understand that people have busy schedules, and finding the time to meet with a professional can be challenging. By offering to meet with our clients at a time that is convenient for them, we aim to make the process of creating a will or trust as hassle-free as possible. This can also help to alleviate any stress or anxiety that may arise from having to take time off work or rearrange other commitments in order to attend an appointment.
Secondly, we believe that face-to-face interactions are the best way to build trust and establish a good working relationship with our clients. By meeting in person, we can get to know you better, understand your unique circumstances and needs, and provide tailored advice and solutions that are specific to your situation. This personalized approach allows us to offer a higher level of service and ensures that our clients feel heard and valued. Finally, meeting in person can also help to create a more comfortable and relaxed atmosphere. We understand that discussing topics such as death and inheritance can be sensitive and emotional, and we want to ensure that our clients feel as comfortable and at ease as possible. By meeting in a location of your choosing, whether that be at your home or another convenient location, we can help to create a more relaxed and informal setting, which can make the process of creating a will or trust less intimidating and more approachable.
How much does a will cost?
Our wills are a fraction of the price of those sold on the high street, where typical charges can run into several hundred pounds. Virgo Wills and Estate Planning Limited is a business run independently by professionals who offer prices that are highly competitive when compared to their peers. Our will start at £175 for singles and £250 for mirror wills, plus VAT.
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How long does it take to create a Will?
Once you provide us with all the necessary information to generate your will, we will review the details and issue an instruction summary to ensure that we have a complete understanding of your wishes. This step is essential to ensure that we don't miss any important details or provisions that you want to be included in your will.
After you approve the instruction summary, we will proceed to draft your will. This process can take 48 hours to a couple of weeks at most, depending on the complexity of your estate and the number of revisions that may be required to finalise the document to your satisfaction. Once you have reviewed and approved the final draft of your will, we will proceed with the witnessing process.
Who keeps my will?
Hey there! Have you ever considered why we choose to store important documents at a safe storage facility instead of keeping them at our own residences?
It is advisable to store your will and other official documents in a secure location.We suggest informing all individuals mentioned in the will, including your partner, children, and relatives, of its whereabouts. It's recommended not to lock it away to avoid any complications in case the key is misplaced. To offer you peace of mind, we can provide a storage facility for your wills. By choosing to store your will through us, we can recall the details of your will and offer probate advice and guidance at no additional cost to you.
How much would be the cost to change the content of my will?
The cost of changing the content of your will may vary depending on several factors, including the complexity of the changes and the amount of time required to make the amendments.Charges are based on Minor, Major Changes, or Major Events in anyone's life. Minor events will cost £50 for each Individual, Major Changes or Major Events will be as per the changes required.
The Lasting Powers of Attorney would cost £50 for each LPA, which does not include registration charges for any changes required after we print the copy for signature and witnessing.
How do I access my will if needed?
No matter what situation you may find yourself in, there may come a time when you need to access your important legal documents. And when that time comes, it's important to know that you can always reach out directly to the storage company where your documents are being held, using the storage certificate that was provided to you when you initially stored them. However, in the unfortunate event of a demise, it's important to take certain steps to ensure that your beneficiaries are able to access your will. They will need to follow the proper procedures and provide the necessary documentation, such as a death certificate, to verify their identity and establish their rightful claim to the document. That's why Virgo Wills team of professionals can assist your beneficiaries with the administration process, providing guidance and support every step of the way.
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Why you should make a Will
A will allows you to specify how you want your assets to be distributed after you pass away. This ensures that your loved ones are provided for and that your wishes are carried out. If you have minor children, your will allows you to name a guardian who will carefor them in the event of your passing. This ensures that your children are caredfor by someone you trust and who shares your values.When you have a will, it minimises the likelihood of family disputes or legal challenges over your estate. A clear and comprehensive will can help minimise confusion and ensure that your assets are distributed as intended.
Creating a will gives you control over how your estate is distributed and who receives your assets. This can be especially important if you have specific wishes or concerns about how your assets are used after you pass away. When you have a will, it can save your loved one's time and money in the probate process. By clearly outlining your wishes and distributing your assets according to your will, you can help streamline the process and reduce administrative costs.
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Making a Will
Making a will is more straightforward than you think.
Planning for a time when you are not around might be the last thing on your mind, but it could save your loved ones from financial and emotional difficulties.Having a professionally drafted will is the only way to ensure your family is adequately provided for and that your estate is distributed in the way you would like.
Virgo Wills and Estate Planning Limited makes writing a Will a simple process that is easy to understand, and with our basic WILL writing service starting at only £125, there's no reason you can't take the steps to protect your loved ones from the inevitable.
