Wills

Make A Will That’s Right For You

All adults should really have a will, it solves so many potential problems when death comes however it is often not considered until it’s too late.

Making a will and keeping it up-to-date is the best way to make sure your assets are distributed according to your wishes after you die.

If you die without a will, the rules of intestacy will apply. Therefore, you do not choose who gets your estate because has to be distributed according to the law. At an emotional time for your family this can cause unnecessary friction, for example, if a husband or wife end up owning their own property with their children.

We recommend that you have a will or review your existing will at significant moments in your life for example:

• On marriage or remarriage because any will you have is no longer effective after that date
• The birth of a child
• Divorce
• The purchase of a house
• Starting a business

All these events change your circumstances significantly and those you want to benefit will depend on the law if you do not express your choice.

Unmarried & Co-Habiting Couples

For unmarried and cohabiting couples having a will is crucial no matter how long you have lived together because your surviving partner will have no rights to your estate unless you have a will specifically naming them as a beneficiary.

Therefore it is vital that couples have wills that protect their loved ones and any children involved.

Tax Planning

Wills are an essential part of any efficient Inheritance Tax planning scheme.

If your estate exceeds £325,000 it may be subject to Inheritance Tax if you do not have children.

Married couples may be able to make use of a transferrable allowance and qualify for an exemption of up to £1,000,000 if they have children. If you do not have children, your beneficiaries have to pay tax on your estate which is over £750,000. Inheritance tax is charged at 40% and will significantly reduce the amount you can pass on to your beneficiaries.

With our experience and advice we can give you estate planning advice to ensure that your estates are tax efficient. ensure that.

Care Home Fees

As we become older most of us want to pass on the assets we have accrued over a lifetime to our loved ones. However under current regulations a proportion of those assets are at risk from the Local Authority if you have to go into a care home.

With our advice you can plan for the future and protect a proportion of your assets.

We typically recommend the use of a life interest Will which protects and ring fences the share of the first one to die. If the survivor goes into a care home, only their share, which is normally 50% will be used for care fees.

Whatever your circumstances we will come up with a plan that suits you.