Wills, Probate & Trust Solicitors In Yarm

Searching for the very best wills, probate and trusts solicitor in Yarm? On this site, you can easily find detailed information about every solicitors located in the area which can help you write or amend a will or assist with probate related issues. You can also view solicitors in Yarm that can help with the formation or management of different types of trusts.

Having a legally valid will that reflects your requirements and offers financial security for partners and children is undoubtedly an ambition for many people. Although DIY options can be purchased for writing a will, hiring a reputable Yarm solicitor will ensure your will is legally valid and completely suits your needs.

What is a will?

A will is a legal document that is used for people to set out their wishes regarding how their children should be looked after and how their estate will be shared in the event of their death. Wills should be set out in writing and signed by you and witnesses in order to ensure that they are legally binding. If a will is not made, the deceased’s estate will be divided as per the law and not necessarily as per their wishes.

Types of will

There are different types of wills that can be used in order to suit the individual needs of a person. Some of the most common include:

• Single wills are considered the most traditional variety of will and are sometimes known as a testamentary will. They are prepared formally and signed in the presence of witnesses.
• For couples, the option is available for them to draw up a mirror will which enables them to create almost identical wills, leaving their assets to the same beneficiaries, usually each other in the first place.
• Living wills are not concerned with asset distribution and instead are used to enable people to set out their preferences concerning particular treatments that they wish to reject in case they do not have the capacity to communicate this in the future.

What is Probate?

Probate is the term given to the legal and financial processes which are followed to take care of the estate of a person that has died. Probate processes include identifying the deceased individual's possessions and property, paying relevant taxes, managing the accounts of the estate and distributing net assets.

What is a trust?

A trust is used to enable a person to manage their assets, including money, investments and property. There are different types of trusts and different tax considerations apply to each. Trusts need the following duties to be fulfilled:

• A ‘settlor’ who is the person who places some of their assets in a trust
• A ‘trustee’ who is in control of managing the trust
• A ‘beneficiary’ who is the person who benefits from the trust

Trusts can be used for a range of purposes including to gift assets during the life of the settlor or following their death, to manage assets of incapacitated people or children or to protect the assets of a family. Yarm Solicitors can support a settlor in developing a legally observant trust that conveys their wishes and acknowledges relevant assets.