Making a Will is key to ensure your assets pass to those that are important to you and to ensure that your estate passes in a tax effective manner.
There are many good reasons to make a Will.
Having a Will enables you to:
- Decide how your assets will be shared - if you don’t have a Will, the law says who gets what
- Appoint guardians for any children under 18
- Make sure your partner is provided for if you’re an unmarried couple (whether or not it’s a same-sex relationship)
- Ensure you don’t pay more Inheritance Tax than necessary
- Appoint executors to sort out your estate following your death and act as a trustee of any ongoing trust in your Will
Putting a Will in place now during your lifetime reduces conflicts amongst family and friends after your death and helps to remove unnecessary legal and financial problems at a difficult time.
A Will can also make provision for the following:
- Family members of first and second marriages and unmarried partners
- The disposal of business assets to ensure succession within the business
- Inheritance tax savings using reliefs and exemptions
- A clear structure for future tax planning and long-term asset protection for the next generation and beyond
Listen to Sarah Hodkinson talk about the importance of making sure you have an up to date will here.
If you are interested in understanding how our private client team can help you please contact us on 01274 306 000.