9:53 AM, 9th September 2015, About 7 years ago
One in three of us don’t have a Will. That’s a surprising statistic when you consider the implications on those that we love.
Not having a Will means that your next of kin will be faced with additional responsibilities after your death – the responsibility of obtaining the legal right to your estate, of deciding who will receive your assets and most importantly, who will be the guardian of your children.
Intestacy rules are not as straightforward as you might think and inheritance disputes are not uncommon. Without a Will, there is absolutely no guarantee that your intentions and wishes will be implemented as you wish at a time of immense grief for those that you truly care about.
You can remove a substantial amount of uncertainty from the lives of your loved ones today by making a Will a priority. The process is straightforward and totally affordable.
You can also implement some basic long term financial planning that will eliminate, or significantly reduce the amount of inheritance tax that your loved ones pay after your death.
Wills and Inheritance Tax Planning FAQs
Q. Who should make a Will?
A. All adults should make a Will. Certainly married couples and, even more importantly, co-habiting partners. Also, anyone, with children, especially anyone that has children from previous relationships.
Q. At what age should you make a Will
A. Wills are not about age, they are about responsibility and younger people often have the most responsibilities.
Q. What if my circumstances change and I want to change my Will?
A. A Will is a fluid document because it has no effect until you die. You can change it, or update it, whenever you want.
Q. What happens if I don’t make a Will?
A. If you have not made a Will, your estate will pass according to the Law of Intestacy. That means that the State will write a Will for you. If guardians are not appointed, the Court can also decide who has care of your children.
Q. What inheritance tax will my loved ones pay if I don’t initiate long-term financial planning?
A. They will pay a tax rate of 40% above a threshold of £325,000 for individuals and £650,000 for married couples.
If you need any help please complete the form below and I will be pleased to speak with you on this extremely important subject.