Statistics show that only 3 in 10 Britons have a Will and in 2011 the Treasury coffers gained a massive £53 million because of this.So why would so many people take such a risk by not having a Will? Perhaps its because there are many misconceptions, such as thinking everything will automatically go to your spouse or children when this is not always the case, or that it’s too expensive to make, or simply intending to make a Will but not getting round to it.
1.So why make a Will? Well who do you want your assets and money to go to?
If you do not make a Will then the rules of intestacy apply which may not necessarily be consistent with your intentions. For example, following changes to the Inheritance and Trustees Powers Act 2014 if your estate is worth more than £250,000 and you have children, then your spouse is likely to receive the first £250,000 absolutely as well as all personal chattels and 50% of the remainder of the estate, with the other 50% passing to your children. Previously the spouse would only have received a life interest in 50% of the remainder.
2.Will my Estate be liable for Inheritance Tax?
The current nil rate band for each person for inheritance tax is £325,000 after which the rest of the value of the estate is charged at 40% rate. There are numerous ways to keep your estate below £325,000 but if you are married and your spouse dies and transfers everything to you upon their death, your executors may also use your spouse’s nil rate band in addition to your own to effectively double your nil rate band to £650,000 at today’s values.These matters need to be considered carefully in the light of one’s individual circumstances. There are also many other important factors to consider in the future though not obvious at first.
3. What about the costs of administering the estate after you die?
When making a Will you are r potentially saving thousands of pounds after you die on wasted administration costs. For example, by simply stating your beneficiaries addresses in your Will you will save time and money instructing a professional to locate them.
This logic can be applied to other matters, for example if you have numerous investments scattered around, you could save time and money locating them by scheduling them ahead of time.
4. Who will look after my minor children?
Making a Will is an excellent opportunity to appoint the appropriate relatives or friends as guardians to look after your minor children and ensure they are provided with the care and security they will need in the future.
5 .Ensure your wishes being fulfilled after your death.
Do you have any specific wishes about where and/or what type of funeral arrangements you wish to have? If so, making a Will should ensure your wishes fulfilled.
6 .Who do you want to administer your estate?
Appointing your executors is extremely important as they are the people who you trust and are most able to make sure your wishes are carried out.
7. What if there is a dispute over my Estate?
Failure to provide for your family and dependents in an adequate manner can result in claims by beneficiaries against your Estate after you have passed away.
8. Need more information?
I’m fully trained and experienced in writing Wills and have successfully made Wills for many local people using extremely good precedents on my laptop.I’m quite prepared to visit you at a venue to suit and I always give good value.You can rely on me to provide a caring and efficient confidential service. I’m happy to have a free initial consultation with you. All you need to do is to telephone Richard on (020) 8487 8803 or email me on firstname.lastname@example.org