No matter the amount of assets you have, whether a property, a pension, investments, savings or items you want to leave to specific people, making a Will is essential. The reality is, you can put off writing a Will until it is too late. If this were to happen it would pose all sorts of problems for loved ones left behind. Not just in the cost and time of the administration of your estate, but it could mean that some, or all your inheritance, either goes to the wrong person or to the Crown.
A Will enables you to plan exactly what will happen to your property (estate) following your demise. This ensures that those you would like to benefit do so, in accordance with your wishes and at the same time avoiding any disputes between relatives.
There are many misunderstandings when it comes to who a person’s Will covers. For example, if you are married and your spouse has a Will but you do not, what is laid out in their Will does not apply to your passing. Your personal circumstances will show you the reasons for writing a will. Below, you will find just some of the reasons having a Will is important.
If you die intestate (without a will) there are strict laws about to whom and how your estate is distributed (see HMRC website for further information).
This causes two problems. First, the money may not go where you want, and secondly, it is likely to be inefficient for inheritance tax purposes.
The law says you must pay 40% tax on any assets worth over £325,000. People with valuable houses or larger estates could therefore pay a fortune. However, there are many legal ways you can plan to reduce this.
Bigmore Wills & Probate offer an initial, free consultation where we will listen to your wishes, discuss your options, and answer your questions. We will carefully guide you through the Will Writing process.
Depending on your circumstances we might discuss:
We may also discuss estate planning services such as trusts, lasting powers of attorney, equity release, probate, and funeral plans. To learn about the fees for our Will Writing and LPA services, visit our Fees Page.
Please Note: The Financial Conduct Authority does not regulate Will writing, Trusts or tax advice.
Contact Bigmore Wills & Probate today to discuss your Will Writing requirements.
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