Will Writing

No one regrets making a will….
Thousands regret that someone close to you didn’t.

Making a Will is vital in helping, among other things, to mitigate Inheritance Tax (IHT). It is important to ensure it Will Writing Keily Legal is well written and planned correctly.

A carefully drafted Will can help your heirs plan for IHT appropriately by making the most of the tax reliefs available and ensuring your assets go where you want them.

By directing assets to your spouse I civil partner on death, your individual Nil Rate Band remains unused but can be carried forward for use in the future. However by passing (via your Will) an amount equal to the prevailing Nil Rate Band to a trust arrangement on your death, it is possible for you to still achieve significant IHT savings whist preserving the financial security of your spouse I civil partner.

Failure to make a Will may see your assets divided according to intestacy rules.
Furthermore, do not assume that a Will made many years ago is still going to hold good. Wills need to be reviewed on a regular basis and especially after any changes in your financial circumstances, such as divorce or the birth of a child, not to mention a plethora of legislative changes. After all, most people would prefer their wealth to be passed on to their families rather than HM Revenue & Customs.

Unless specifically written in contemplation of marriage, a Will written before a marriage will become invalid following the marriage.

Remember!
“Your Will is one of the most important documents you will ever possess.”

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TOP 5 REASONS TO MAKE YOUR WILL

1. You can choose who should inherit your property and your assets?

Throughout our lives, we all accumulate possessions and usually a certain amount of money and property too. On death, this package of assets is known as an ‘Estate’. If you die without making a Will, the law will decide what happens to your Estate. Arrangements or agreements (for example with family) to share out the Estate after your death have no weight in law and commonly held beliefs that the spouse or common law partner will automatically inherit are simply incorrect and can cause real heartache. A Will is the only way to choose exactly how your Estate should be divided. Making a Will also prevents disagreements or arguments between family and relatives.

2. You can appoint Guardians for your young children?

Yes It is difficult – but is essential – to face the possibility that young children could be left without parents to care for them. However, it is even less pleasant to consider the consequences of not making these important plans. Who would you want to look after your children if you were to die? If you do not decide, the local authorities and courts will decide for you. Their idea of the ‘best’ carer for your children may be very different from yours. Be aware too that an unmarried father does not automatically become Guardian to his own children. A professionally drafted Will ensures that your children will be cared for as you choose in the event of your early death.

3. You can establish Trusts to protect young or less able beneficiaries.

Trusts are a very helpful way of protecting young or immature heirs; they guard inheritances until the children are old enough to make informed decisions about their money. Trusts also allow you to plan financial security for disabled children.

4. You can plan for the care of family pets or leave money to charity.

Treasured family pets can be provided for in your Will. You can appoint carers or make a legacy to meet their needs. Your Will may also include tax-free bequests to your favourite charities.

5. Do you want to protect the value of your home?

Sadly we hear all too often of cases where the value of a house has been used to pay for residential care fees, leaving nothing for the family. This can have a far more crippling effect on your estate than Inheritance Tax. Any surviving spouse or partner could change their Will, after remarriage, to disinherit your children. Correctly drafting your Will to include property trusts can alleviate these problems and also protect the value of your home for your children.