A professionally drafted Will is the cornerstone of making life easier for those you leave behind and could save tax.
Plus, a Will avoids your beneficiaries having to deal with the awkward rules of intestacy.”
One of the biggest factors in deciding the size of your inheritance bill is who you plan to leave your estate to. Not having a Will can result in assets passing to the wrong person or in a way that gives rise to a larger IHT bill.
If you haven’t already got a will now is the time to make one.
If you want to make sure that your money and your belongings – your assets – go to the people or charities you want, then you need to make this clear in a will.
If you don’t the law will decide who they go to – and this might not be who you want it to be.
Your will tells people who you want to be your executor – the person who sorts out your money and your will after you die.
You can choose more than one person to be your executor, but ideally not more than four.
If you have children under 18, your will also say who should be legally responsible for your children.
If you already have a will then check it to make sure it is up-to-date and think about any changes you want to add or draw up a new will.
Changes to wills must be made carefully to make sure they are legally recognised.
If you have an existing Will, it is recommended that you review it every 2 to 5 years. Sometimes your wishes may not have changed, but the value of your assets and the law may have. As such it is very important to ensure that your Will does exactly what you want it to do; that it protects your assets and investments, and most importantly that you have taken advantage of various areas of flexibility within the law of estate planning.
A Standard Will, Will direct your assets to your chosen beneficiaries, professionally drafted in a way to reduce IHT and not to die under intestacy rules,
If you want your assets protecting against remarriage, Divorce, Generation IHT, Bankruptcy, sideways inheritance or possible care home fees for your chosen beneficiaries you may want to consider a Trust Will.
The correct Will can allow you to:
• Specify whom you wish to inherit your estate, in what order and in what proportions so that you have comfort in the knowledge that your wishes will be carried out.
• Make specific legacies to family or friends or gifts to your favourite charities.
• Appoint suitable guardians for young children rather than leaving the decision to the Courts.
• Set up maintenance trusts for children to protect their inheritance until an age specified by you.
• Ensure the inheritance of your children or other beneficiaries should the survivor re-marry.
• Protect your share of the property from having to be sold to pay for the survivor’s future care fees, thus still having assets to leave to your family.