Knowledge Base

What are the Benefits to Making A Will?

What are the Benefits to Making A Will?

When you make a Will, it gives you the opportunity of putting in order your affairs for after your death. We are all reluctant to contemplate our own death, but it is the one thing in life that is guaranteed! If you don’t leave a Will then the laws of intestacy step in, which will dictate what happens to your property and money.

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What is Intestacy?

What is Intestacy?

If you have not made a Will you are leaving it to the State to determine how your assets should be distributed on your death. If you die without making a Will you will be deemed to have died “intestate”. The Intestacy Rules (which are set out in the Administration of Estates Act 1925) regulate who gets what if you die without making a Will.

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DIY Wills: What are the Pitfalls?

DIY Wills: What are the Pitfalls?

Do-It-Yourself Wills are very common. We say “very” because we are always genuinely surprised people are willing to take the risk of writing a complex legal document when they can get a specialist, to professionally prepare a Will for a reasonable fee. Wills are one of the best “value for money” services offered by Estate Planning Practitioners. We aim to be entirely transparent about legal costs and will always make it clear to you at the outset.

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When I’m gone

When I’m gone

How a simple list can help your loved ones after your death. Although it may not feel like it, your family finances are probably more precarious than you think. It’s all well and good when the breadwinners are healthy and working, but if something unfortunate were to happen, the outlook for those around you could change instantly. Research from Macmillan highlights the worrying fact that two in three people living in Britain don’t have a Will – including 42% of over-55s. Without an up-to-date Will, the law could supersede a person’s final wishes and leave treasured possessions, money, property and even dependent children with someone they may not have chosen. This news comes despite official guidance recommending that people review their Will every five years and after any major life changes, yet a quarter of Wills have not been updated for at least five years.

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Inheritance Tax

Inheritance Tax

Passing assets efficiently to the next generation remains a primary objective for many. There are many things to consider when looking to protect your family and your home. Protecting your estate is ultimately about securing more of your wealth for your loved ones and planning for what will happen after your death to make the lives of your loved ones much easier. It’s not nice to think about, but it means that your loved ones can carry out your wishes and be protected from Inheritance Tax. If you don’t make the right financial arrangements, your family could potentially have to foot a hefty Inheritance Tax bill in the event of your premature death.

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Trusts

Trusts

Protecting, preserving or ultimately distributing wealth. As part of your Inheritance Tax planning, you may want to consider putting assets in trust – either during your lifetime or under the terms of your Will. Putting assets in trust – rather than making a direct gift to a beneficiary – can be a more flexible way of achieving your objectives. For example: You might want assets that will pass to a child to be held on trust until they are older. You might want assets to eventually pass to your children, but to ensure that your spouse can benefit from them for the rest of his or her life.

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Making a Will

Making a Will

We spend our lives working to provide for ourselves and our loved ones. You may have a house or flat (in the UK or overseas), shares, savings, and investments, as well as your personal possessions. All of these assets are your ‘estate’. Making a Will ensures that when you die, your estate is shared according to your wishes. Everyone should have a Will, but it is even more important if you have children, you own property or have savings, investments, insurance policies, or you own a business. Your Will lets you decide what happens to your money, property and possessions after your death.

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