Why you actually need a Will right now
Making a will ensures that those you would like to benefit actually do so and at the same time helps to avoid any possible disputes between relatives. For a small investment of time and money you can choose exactly what you want in your Will, protecting your loved ones whilst enjoying peace of mind.
Benefits of a Will include:
If the value of an estate is above the Nil Rate Band and without proper Will planning, the beneficiaries will have to pay Inheritance Tax, which reduces their inheritance.
With a Will a Testator can prevent certain family members from benefiting and protect some or all of the assets.
When beneficiaries inherit, the assets automatically form part of their spouse/civil partners’ estate. Without the adequate arrangements in the Will, they will be entitled to some of the assets if they divorce.
A Will can include certain Trusts that ensure any money left to minors will be managed by trusted people chosen by the Testator (not Solicitors or the Courts).
Specific arrangements included in a Will can ensure a disabled beneficiary enjoys their inheritance without affecting their means tested State Benefits.
Care home costs can reduce the value of an estate. By setting up an Interest in Possession Trust in a Will, the Estate and the family home can be protected and passed on as intended.
Writing a Will may not be at the top of your to do list, but despite the procrastinations, superstitions and anxieties of creating a Will, it is extremely important to do so.
Fact of the matter is, if you have any kind of asset, be it life cover, pension, property or savings, writing a Will isn’t something that you should delay - no matter what age.
No one can predict when an issue might erupt within their family and the best way to protect your legacy is to ensure that you have a well-drafted and up-to-date Will. It is NEVER too early to produce one, but often too late.
So, if you have any questions about any of the above or if you want to start planning your succession, please fill in the form below to get in touch. Given the current circumstances we are able to offer remote consultations via various media platforms.
Please fill out the form and a member of our team will contact you or call 0800 612 5331.
More popular Articles