Do you have a Will? Have you been meaning to make a Will, but have just not had the time? Or are you putting it off until you are a bit older? Perhaps you need to update your Will?
Our advice is not to put this off any longer. Wills are not just for the elderly or for the rich and having an up-to-date Will is important for everyone and gives you a way to:
- Choose what happens to your estate
- Minimise Inheritance Tax and
- Help your loved ones.
Choose what happens to your estate
Making a Will gives you the opportunity to decide what should happen to your possessions and assets after you die.
If you do not have a Will this decision is left in the hands of the Government and your possessions will be distributed in accordance with the rules of intestacy. Making a Will is crucial if you want to make sure that your assets go where you intend.
Minimise Inheritance Tax
A sensibly drafted Will can minimise, or eliminate, the Inheritance Tax that may be payable on your estate upon your death.
Inheritance Tax provisions are now more complex than ever before. April 2017 saw the addition of the Residence Nil Rate Band. With this in mind, it is essential to ensure that your Will is drafted in the most efficient way possible, therefore, maximising the estate that you are leaving for your loved ones.
Assist your loved ones
Making a properly drafted Will can assist your loved ones at a time which is undoubtedly upsetting and distressing. The presence of a Will should remove any uncertainty as to what you want to happen to your estate.This will help to avoid disputes and arguments among family members.
Whilst the presence of a Will does not prevent close relatives and dependants from making a claim on your estate, a properly drafted Will can significantly reduce the chance of a successful claim.
Making a Will also gives you a way to let your family know what arrangements you would like for your funeral or appoint guardians for your minor children.
If you would like further advice as to how you can protect your assets and your loved ones, contact a member of Girlings' Private Client team who will be happy to help.
Please read Reliance on information posted in our Terms of Website Use - see Legal section - before relying on this commentary.