No-one likes to think about dying but it is an unfortunate truth that accidents and illness can happen at any age. If you die without a will you have no control over what happens to your possessions. The law may distribute your assets in a way with which you do not agree and the government may take tax from your estate that could have been avoided.
Some of the advantages of making a will include that you can:
- Decide what happens to your assets and who benefits from them after your death.
- Make gifts of money and possessions to people who are important to you
- Choose who is responsible for administering your estate
- Specify guardians for your children
- Give thanks and gifts for kindness shown during life and gifts to charities.
Another very important reason is for tax planning purposes. Inheritance tax is currently payable at a rate of 40% on the value of an estate exceeding £325,000. We can advise you on the exemptions and reliefs available to reduce this tax liability. With some careful planning it really is quite easy to ensure that your estate is preserved for the benefit of your beneficiaries rather than the tax man!
If you do not have a will and leave children under the age of 18, strict laws dictate to their guardians what they can and cannot do. You can give their guardians much greater freedom to look after them. A few simple words in a will allowing them to use more of their discretion can make life a lot easier for them all.
Our team are very sensitive to the issues around discussing wills, particularly with clients who may be elderly or ill. A simple will can cost as little as £95 + VAT.
Peace of mind. Our team can undertake the following type of work:
- Will writing
- Will administration
- Estate and inheritance tax planning
- Gifts of personal assets
- Property ownership
- Advice on testamentary capacity
- Power of attorney
- Preparation of trusts and deeds
- Funeral instructions