Making a Will is often top of people’s list of things they “really ought to sort out” but whilst we all make decisions about our assets when we are alive, not everyone takes the opportunity to state exactly how their property and possessions are to be distributed on their death.
We understand it is not a subject people generally want to think about but making a Will is a far more straightforward and painless process than most people imagine. Our team will discuss your wishes with you at an initial meeting and you will simply need to attend a follow-up meeting to sign the Will once it has been drafted and agreed.
A Will is your chance to provide for your loved ones and/or Charities on your death. It can give you peace of mind in knowing that your wishes will be fulfilled. It can prevent disputes and misunderstandings arising after your death and allows you to specify whom you want to wind up your affairs by appointing an Executor.
Equally people’s circumstances change over time so even if you have a Will you may need to review it frequently during your lifetime.
Some of the situations in which you may want to make or update your Will are:-
- If you marry or enter into a civil partnership as any existing Will which you have will automatically be revoked
- You have children
- You divorce or your civil partnership is dissolved
- An Executor or beneficiary dies
- You want to appoint guardians to care for your children
- You want to try and reduce your exposure to Inheritance Tax
- You inherit a sum of money or assets
With the ever increasing value of property many of us now have assets in excess of the £325,000 Inheritance Tax threshold.
At present the tax is charged at 40% on the amount by which your estate exceeds £325,000. For example if the value of your estate is £400,000 the IHT payable would be £30,000. Property, personal effects, savings and investments are all included in calculating the value of an estate plus any gifts over £3,000 per year made in the seven year period prior to death.
Any assets passing on to your spouse or civil partner, whether by gift or under your Will, are exempt from Inheritance Tax. Gifts to Charity and Political parties are also exempt. If you own agricultural or business property then these assets can be fully or partly exempt from IHT.
Inheritance Tax Changes (read more)
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