There have been a number of changes that have occurred
over
the past few years such as the current economic climate and
changes to the law that could affect a Last Will and Testament.
The increase in property prices over the last decade has tipped
a number of people over the Inheritance Tax threshold, as their
estate is now of higher value.
A Will can enable you to plan for matters, in a way that reduces
the liability to Inheritance Tax. By making a Will it will also provide
you with the peace of mind, knowing that in the event of your death
your wishes are carried out and your estate is dealt with in the way
in which you intended. It can allow you to set out your wishes for your
funeral arrangements, guardianship of your children and for any legacies
and bequests (gifts) that you may wish to make.
Why have a Will?
The absence of a Will causes many problems for family and friends; at the worst possible time. It often creates financial hardship and sometimes the loss of money to your dependants who need it the most.
the past few years such as the current economic climate and
changes to the law that could affect a Last Will and Testament.
The increase in property prices over the last decade has tipped
a number of people over the Inheritance Tax threshold, as their
estate is now of higher value.
A Will can enable you to plan for matters, in a way that reduces
the liability to Inheritance Tax. By making a Will it will also provide
you with the peace of mind, knowing that in the event of your death
your wishes are carried out and your estate is dealt with in the way
in which you intended. It can allow you to set out your wishes for your
funeral arrangements, guardianship of your children and for any legacies
and bequests (gifts) that you may wish to make.
Why have a Will?
The absence of a Will causes many problems for family and friends; at the worst possible time. It often creates financial hardship and sometimes the loss of money to your dependants who need it the most.
- Money you have worked hard for and you have saved could all be lost to Banks, Building Societies and Insurance Companies.
They hold millions of pounds belonging to people who are almost certainly dead - because their families are not aware it exists.
- Do you have any small family heirlooms and treasures? Well many are lost to the auction rooms every year because no one can decide who should have them. You could protect your family heritage through a Will.
- Millions of pounds are unnecessarily paid in inheritance tax (death duties) because a Will has not been drawn up.
- Your family could suffer acute financial hardship because of the delays in dealing with the estate of a person who has no Will.
These delays can often run into years.
- The estate of any person who died as a result of an accident will almost certainly benefit from a substantial court or insurance claim, much (or all) of which could go to the people who you did not intend to inherit from of your estate.
- Most people would rather their money went to a charity than to the taxman if they have no one to leave it to.
This can only happen through a Will.
- You may think that your immediate family will get all of your estate anyway should you die without a Will.
This is not necessarily the case.
- A Will should be reviewed every few years. Even if you have a Will, it could now be invalid or unsuitable if it was made many years ago or your circumstances have changed (marriage, children, etc).