A will is central to estate planning, but it is not the whole plan. The documents need to reflect your family, asset ownership, debts, business interests and the funds available to administer the estate. A carefully worded gift can still be difficult to carry out if the asset cannot be transferred or the estate lacks cash.
Hugh Raichlin Attorneys assists with wills, trusts and deceased estates. Preparing a concise family-and-asset map before the consultation helps the legal team identify practical gaps rather than merely filling names into a standard will.
Start with the people who may need support
Record your spouse or partner, children, other dependants and anyone with particular care needs. Explain the marital-property regime, earlier marriages, divorce obligations and relevant family arrangements. Do not assume that legal rights depend only on the label you use for a relationship.
A blended family or an unmarried partnership can raise questions that a generic spouse-and-children clause does not answer. Identify the objective - housing, support, education or a long-term inheritance - and ask how it can be achieved lawfully.
Map ownership before deciding who inherits
- Immovable property and the names in which it is held.
- Bank accounts, investments, vehicles and valuable personal assets.
- Company interests, partnership arrangements and loan accounts.
- Trust involvement, distinguishing trustee office from beneficiary interests.
- Debts, guarantees and security given for other people’s obligations.
- Retirement-fund benefits and insurance policies, with current nominations.
- Foreign assets and any separate foreign will.
Not every item on that list passes under a will. Fund benefits, policies, jointly held assets and trust interests can have different legal treatment. Ask which arrangement governs each item before promising the same asset in two documents.
Test the plan for cash and timing
The estate may need funds for debts, tax, administration and asset-related expenses before beneficiaries receive their inheritances. A valuable property does not necessarily provide the liquidity needed at the relevant time. Discuss whether the plan would require a sale and whether that would undermine the intended benefit.
Tax should be considered as part of the plan, but the right structure is not simply the one advertised as saving the most tax. Costs, control, compliance, beneficiary needs and future administration all matter. This guide does not give a tax threshold or a personalised estimate.
Choose appointments that can work in practice
Consider who should act as executor and whether professional assistance or a substitute is appropriate. A trustee appointment is a different role with continuing duties. A person’s willingness, availability and ability to work with others can affect the administration.
Where children or vulnerable beneficiaries are involved, discuss a suitable management arrangement. A guardian nomination, a testamentary trust and a maintenance provision address different needs and should not be treated as interchangeable.
Create a usable document file
- Locate signed wills, codicils, trust deeds, marriage documents and relevant agreements.
- Prepare the family and asset map, including debts and nominations.
- Record your intended outcomes and any likely practical conflict.
- Have the documents prepared and executed with the required formalities.
- Store originals securely and tell the appropriate person where they are held.
- Revisit the plan after marriage, divorce, a birth, a death, a major transaction or a material change in circumstances.
Questions clients ask
Is a will enough if I own a company?
Not necessarily. Ownership, shareholder agreements, funding and succession arrangements should be considered together.
Should everyone form a trust?
No. A trust involves a particular legal structure and ongoing administration. Its suitability depends on the objective and circumstances, not a universal recommendation.
Does changing my will update all nominations?
No. Review each fund or policy arrangement separately and obtain advice on its legal effect.
Bring the whole picture to the consultation
HRA can help align the will with the wider estate plan and identify where financial or tax advice is also needed. Start with your existing documents and the asset map; there is no need to send highly sensitive records through a general enquiry form.
Discuss wills and estate planning
Explore trust formation and administration
General information only. Estate planning depends on your circumstances and the law governing each asset or obligation.