Wills & Tax Planning

Making a Will is something we all know we must do.

Many of us think it makes no difference to us whether we make a Will or not. How wrong can we be? Making a Will is the only way you can ensure your wishes are carried out. In particular, a Will ensures the following:

1. Your money goes to those you want to benefit.

English Law still makes a distinction between those couples who are married and those who are not. If there is no Will your Husband or Wife will benefit even if you are separated or going through a Divorce. If you are not married your Partner is not deemed to be your next of kin and your money will go to your children or your relatives.

2. You can provide Security for your children.

If your die, who will look after your children? If you appoint a Guardian in your Will, everyone will know what your wishes were. This may prove very useful if you think there may be a dispute and especially if you do not live with the other parent.

3. You can lessen the impact of Inheritance Tax.

If you leave more than £285000, your Estate will pay Inheritance Tax at 40% above that amount. For many that limit is easily reached in light of the rapid rise in house prices. For married couples, a properly drawn Will can increase the exemption to £570000.

Hopefully, we have convinced you of the need to make a Will whether you are 18 or 80.