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It’s been estimated that 60% of people in the UK do not currently have Wills. Should you die without a Will in place, the law will decide how your assets and finances are divided. The worry here is that the distribution of your assets may not be in keeping with your ultimate wishes.
Couples are able to draw up mirror Wills. As the name suggests, each individual’s Will reflects or mirrors) the other person’s. Mirror Wills can give couples reassurance that when they die, all their assets and belongings will go to their spouse or partner. When both individuals die, the estate is then passed on to the ultimate beneficiaries.
A Guardian clause can be added at the time of making the Mirror Wills. Detailed instructions can be taken by your Solicitor.
The Executor(s) named in the wills act as Trustees to safeguard the child’s inheritance until they become an adult.
Mirror wills that leave everything to a spouse or Civil Partner will be exempt of Inheritance tax upon the first persons’ death.
Upon the surviving spouses’ death, their estate will be able to use the tax allowance of the first spouse. This may ultimately increase the surviving spouse’s tax threshold from £325,000 to £650,000.
It is also possible to claim an additional residential nil rate band, which could potential add an extra £350,000 to the tax threshold, provided that your estate meets certain criteria.
Inheritance tax at 40% will then be charge on everything above the tax threshold.
Unmarried couples will not qualify for these exemptions.
Detailed Inheritance Tax guidance can be given by your Solicitor.
Mirror Wills can be altered and reviewed at any time and, upon the death of one of the couple, the surviving spouse is free to alter their will.
We offer a free initial 15 minute telephone appointment to give you the opportunity to speak to us about our Mirror Will writing services, before deciding if you wish to proceed in instructing us to act on your behalf.
Please contact K J Smith Solicitors on 01491 630000 (Henley on Thames Head Office), 0118 418 1000 (Reading), 0118 418 1200 (Reading Central), 01256 584000 (Basingstoke), 01483 370100 (Guildford), 01494 629000 (Beaconsfield), 01344 513000 (Ascot), 01635 785 100 (Newbury), 01962 587900 (Winchester), 023 8200 2111 (Southampton), 01727 295 555 (St Albans) or email info@kjsmith.co.uk.
We also serve a wide range of other areas including Bracknell, Gerrards Cross, Maidenhead, Marlow, Oxford, Slough, Wokingham, and High Wycombe.
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All our offices are easily accessible by road, rail or bus and we are open Monday to Friday from 9:00am to 5:30pm.
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If you would like to visit our team of family solicitors, we have offices in Henley-on-Thames (Head Office) Reading, Reading (Central), Basingstoke, Guildford, Beaconsfield, Ascot, Newbury & Winchester, St Albans, and Southampton. We serve a wide range of other areas including Abingdon, Bracknell, Gerrards Cross, Maidenhead, Marlow, Oxford, Slough, High Wycombe and Wokingham.
Why not contact our team of divorce solicitors for a free initial consultation today? We offer a free initial consultation that can take place in any one of our offices or over the telephone.
We are proud to have represented many excellent clients. Below are some comments our clients have made about us.
We are always looking for exceptional people to join our team.
Whether you are considering a move now or at some point in the future, we would love to hear from you and learn more about your career goals and motivations.
At K J Smith we pride ourselves on our commitment to offering support, guidance and career development across all roles. You will receive a competitive salary along with a comprehensive range of benefits.
Partner at our Ascot office
"I joined K J Smith with an open mind and with the expectation of developing and adding diversity and challenge to my career, having spent 23 years in a comfortable position with a traditional high street practice.
I can honestly say that K J Smith have exceeded my expectations. Since joining, I have felt supported and encouraged by the firm’s continued commitment to growth and improvement. The company allow staff at all levels to have a voice and recognise the importance of investment in their employees at every level."
