People often put off making a Will or thinking about Inheritance Tax planning for as long as they can. But by taking steps now, you can make sure your property and possessions go to those you want in the most effective way, and help ease the worries and difficult decisions facing those you leave behind.
A Will is a legal document which allows you to say what will happen to your property, savings and possessions (your estate) on your death. It can state both how these should be distributed and say who is responsible for taking care of and carrying out your wishes. It can also afford better protection of assets for your children or other vulnerable beneficiaries.
Making a Will is relatively inexpensive and usually straightforward. It is tailored to your needs, so you can use it to make any specific requests important to you, such as appointing guardians for your children, setting out your wishes for the funeral you want, and if you own a business stating how your interest in it will be passed on.
If you die without making a Will, there are fixed rules in place which state how your assets are divided, so they may not be distributed in the way you would have chosen. And if you have not made a Will, the process of administering your estate will be more complicated, time consuming and expensive.
Inheritance Tax will be due on the value of your estate in excess of the nil rate band at the time of your death. The nil rate band is currently £325,000. However, there are exemptions and reliefs available and your estate may benefit from the transferable nil rate band.
How can Thorntons help?
At Thorntons we can advise you on all aspects of making a Will and what you can do to help reduce the potential Inheritance Tax bill.
We can also advise on the preparation of living wills. A living will is a guide for your doctors and family members as to what you would want to happen if you are affected by a disabling illness and are unable at the time to express your own wishes.
Making a Will can be simple, but everyone's needs are different so it is important to get the right advice from the start. We will work with you to make sure your Will is right for you and your circumstances.