Ilkley Wills, Probate & Trust Solicitors

Are you interested in a wills, probate and trusts solicitor in Ilkley? On this site, you can view information on all solicitors in the area which can help you write a will, amend a will or manage probate. You can also view solicitors in Ilkley that can help with the creation or management of various kinds of trusts.

Having a valid will that represents your wishes and provides financial stability for your loved ones is certainly an ambition for many of us. Although there are DIY options available for writing a will, hiring a good Ilkley solicitor will ensure that your will is legally valid and fully meets your expectations.

What is a will?

A will is a legal document that enables a person to communicate their wishes concerning the distribution of their estate and the care of any children in the event of their death. In order to ensure that the document is legally binding, wills should be made in writing and signed by you and witnesses. If a will is not made, the deceased’s estate will be divided as per the law and not necessarily as per their wishes.

What are the different 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 also known as testamentary wills and are the most standard kind. This kind of will is prepared and signed in the presence of witnesses.
• Partners might want to take out a mirror will that is pretty much the same as their partners and allows them to leave assets to the same beneficiary as one another.
• Living wills are not concerned with asset distribution and instead serve to allow people to define their wishes concerning certain treatments which they would like to decline if they do not have the capacity to communicate this at some point in the future.

What is Probate?

Probate is the term which is used to describe the legal and financial processes needed to deal with the assets of a deceased person in England or Wales. Probate involves a number of required processes which includes the identification of a deceased person’s property, payment of taxes, management of the accounts of the estate and distribution of net assets.

What are trusts?

A trust can be utilised to control assets for people, such as money, investments and property. There are a number of different kinds of trusts which have different tax considerations. There are several roles that need to be filled for a trust:

• A ‘settlor’ - essentially the person that places assets into a trust
• A ‘trustee’ who will be given the task of managing the trust
• A ‘beneficiary’ who is the individual who benefits from the trust

Trusts are used for a number of reasons including to protect a family’s assets, manage the assets of a child or incapacitated person or to distribute assets during the settlor’s life or when they die. A Ilkley solicitor can help their client to understand vulnerabilities within their estate and to arrange their affairs legally and as per their wishes using an appropriate trust.