Irrevocable Wills
Irrevocable Wills are used to ensure that one spouse or partner cannot change their Will after the death of the first person.
Making an Irrevocable Will is slightly more complex but needn’t take more than an hour of your time!
We can help plan your irrevocable Will. Careful consideration must be taken when making an irrevocable Will. As the name suggests this type of Will is intended to be irrevocable, meaning that after the death of the first party the surviving person cannot revoke their Will. This is generally used where people who have children from previous relationships would like to leave their estate to each other knowing that who ever dies first their children would still inherit at some point. Another way of dealing with this would be the careful use of a trust as opposed to the irrevocable will.
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What are Irrevocable WIlls?
IWC can draft an irrevocable will that cannot be altered by the joint testator in the event of your death. Thus you can be certain, no matter what happens, your last wishes will be fulfilled. This is particularly relevant to those who have children from a previous marriage. An irrevocable will drafted by experts at IWC secures their future, so there’s no doubt they’ll receive their rightful inheritance after your death.
Will Writing by IWC
Fully Qualified – Will drafting is undertaken by a full STEP member or Law degree qualified professional.
Specialists – IWC are a specialist Will Writing and Probate company, fully conversant in current inheritance, probate and taxation laws.
Complete Service – We can provide any additional services you may require, whether you have overseas assets or require lasting power of attorney. We can even assist your family through the probate process.
Fixed Fees – We can draft your will from just £270, plus VAT with no expensive hourly rates or added extras.
Home Consultations – We offer home/work place visits Nationwide, included in the price.
Fully Insured – and Regulated by the Society of Will Writers & Estate Planning Practitioners.
Call us for free help and advice or to book your consultation – open until 10pm 7 days a week.
What is an Irrevocable Will?
A mutually irrevocable will is a joint will that ensures once the first partner passes away, the remaining partner cannot change their will. This is a very useful tool for couples who have children from previous relationships. It allows them to leave everything to each other and upon the second death, they can ensure their own children still inherit.
Similarly, you may have strong wishes about including non-relations, charities or other organisations as beneficiaries in your will. Just like an irrevocable trust, it will be impossible for the joint testator to amend or modify the will in any way.
The Use of an Irrevocable Will – Example Scenario
Supposing Mr & Mrs X had both been married before and they both had 2 children from previous relationships. Let`s also assume that they owned all assets and property jointly.
When married couples make wills, they generally leave everything to each other. In a standard Will Mr & Mrs X would leave everything to each other, then on the death of the second spouse, their will would say that the estate should be divided between all of the 4 children.
If Mr X were to die, the entire estate passes to Mrs X. However, supposing some years later, Mrs X no longer saw the children of her late husband. She could now write another will leaving the entire estate to just her 2 children. The children of Mr X would now receive no inheritance.
If Mr & Mrs X wrote a joint mutually irrevocable will, upon the death of Mr X, Mrs X would never be able to make another Will. If she did the children of Mr X would be able to make a valid claim against her estate and thus they will receive an inheritance.
Irrevocable Wills
Irrevocable Wills are used for couples when one they want to ensure their joint wishes are carried out
Mutual Wills are the same as Irrevocable Wills, they are prepared in Mutual consideration for each other after the death of the first person
This type of Will is more invovled because they involve the clients having and signing written consent that they understand the consequences
Imagine never being able to write another Will after the death of your spouse
Beneficiaries to a Mutual Will or Irrevoable Wills should be advised of the Mutual consideration after the death of the first party
Ways to Protect your Loved Ones
You take care of your family all of your life, don’t leave them in a mess when you’re not there. Use our Estate Planning and Will Writing Services to ensure their protection and yours!
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