Wills and planning for Inheritance Tax: A Will - do I need one ?

A Will is a written document by which you set out what is to happen to your property after your death. Many people think they do not need a Will. If you are one of those we suggest you read on.

Why should I make a Will?

What happens if I do not make a Will?

What is in a Will?

Tax Saving - Inheritance Tax planning

What will it cost?
Why should I make a Will?

We think everyone should make a Will but particularly the following people:-

  • Someone who does not want to rely on the rules set by the State for distribution of assets. See What happens if I do not make a will
  • Married couples - as otherwise you cannot guarantee everything will pass to the surviving spouse
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  • Unmarried couples to make proper provision for their partner and any children.

  • Anyone with young children who wishes to appoint guardians.

  • Someone who actually wants to select who is to deal with their affairs after their death.

  • Someone in a second marriage who wants to make provision for their current spouse and all their children.

  • Someone who wishes to set up a Trust, for example for their children so that they only obtain the capital when they reach, say, 21 years of age.

  • Those who wish to avoid the problem of the family looking for a Will that does not exist!
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      What happens if I do not make a Will?
     

    If you do not make a Will then you are said to die "intestate". There are statutory rules setting out the order in which family members will benefit. There is a particular danger to spouses as they are not always guaranteed to inherit everything. It may also mean that a time consuming and potentially expensive search has to be made for distant relatives. Ultimately, your assets may end up in the hands of the State.
    What is in a Will?

    A Will should deal with the following points:-

  • Any gifts of particular items to particular people

  • Gifts of specific sums of money to specific people or charities

  • The gift of the remainder of your property to one or more people or charities

  • The appointment of one or more people to carry out your wishes and ensure property reaches the correct people (these are called Executors).

  • The appointment of guardians for any young children.

  • You may want to specify some or all of your funeral/cremation arrangements.

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    Tax Saving

    If your estate is likely to be subject to inheritance tax, then we can advise on the options for reducing the ultimate tax liability, both during your life time and through you Will. With inheritance tax at 40%, with a little effective tax planning, the tax saved will more than justify the costs of the Will.
    What will it cost?

    We are specialists in preparing Wills and in most usual circumstances, the Wills are straightforward and the cost will be modest. We can advise you of the current charge for a "standard" Will on request. For more complicated Wills, we would need to discuss your particular circumstances before agreeing a fee. However, if your circumstances are complex and you do not make a Will the costs to your beneficiaries could far outweigh our modest fee. Storage of Wills drawn up by us is free.