Wills, Trust & Probate FAQs
What is the Difference Between a Will and a Trust?
While a Will and a Trust do have some similarities, there are a few differences between the two, so it’s important for you to know which is right for you. One difference is how they take effect, as a Will won’t go into effect until you pass away, whereas a Trust is effective as soon as you sign and fund it.
For example, a Will allows you to name guardians for children, designate where your assets go, and specify final arrangements. Whereas, a Trust is slightly more complicated and offers greater control over when and how your assets are distributed.
What is Probate?
Probate is the process of applying for permission to administer a will when someone has passed away. This means you will be responsible for dealing with their property, money, possessions, and their estate.
Why Do I Need a Solicitor to Prepare my Will?
Our Wills, Trusts and Probate specialists can help you plan for your family’s future, advise on the best way to protect your assets and possessions after you have gone, decide who will manage your estate, and determine who will make decisions for you if you become incapacitated.
Do I Need a Will?
We strongly recommend making a Will and this means you will be able to get a say on who administers your estate when you pass away. Particularly if you are cohabiting, have a second family, business assets or a taxable estate, Will planning is essential. Read our Making a Will – What you need to know guide.
Is Probate Needed for a Trust?
When a trust is set up correctly, you will have named someone the beneficiary of the trust and this person will automatically become the owner of the assets. Therefore, there is no need to go through probate.
Contact us or call us on 0114 2743 481 to book your appointment today.